bonn oo Prepare dividend entries and equity P12.7 (LO 3, 4) On January 1, 2020, Primo ple had the following equity accounts. p section. Share Capital-Ordinary (10 par value, 75,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings e200,000 540,000 de During the year, the following transactions occurred. Declared a 2 cash dividend per share to shareholders of record on January 31. payable February 15 Paid the dividend declared in January. Jan. 15 Feb. 15 Apr. 15 Declared a 10% share dividend to sharecholders of record on April 30, distributable May 15. On April 15, the market price of the shares was 15 per share. May 15 July Issued the shares for the share dividend. Announced a 2-for-I share split. The market price per share prior to the announcement was 1 15. (The new par value is 5.) Declared a 0.60 per share cash dividend to shareholders of record on December 15, payable January 10, 2021, tum Determined that net income for the year was 260,000. Dec. 1 31 Instructions a. Journalize the transactions and the closing entries for net income and dividends. b. Enter the beginning balances, and post the entries to the equity accounts. (Note: Open additional equity accounts as needed.) c. Prepare an equity section at December 31. Total equity 1,501,000 C