On January 1, 2015, Primo Corporation had the following stockholders' equity accounts.

During the year, the following transactions occurred.

Jan. 15	Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15	Paid the dividend declared in January.
Apr. 15	Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share.
15-May	Issued the shares for the stock dividend.
July 1	Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.)
Dec. 1	Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2016.
31	Determined that net income for the year was $250,000.

Common Stock ($10 par value, 75,000 shares issued and outstanding)	$750,000
Paid-in Capital in Excess of ParCommon Stock	200,000
Retained Earnings	540,000

A. Journalize the transactions and the closing entries for net income and dividends.

B. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)

C. Prepare a stockholders' equity section at December 31. (Check Figure: Total Stockholder's Equity $1,566,000)

(a)	General Journal
Date	Account Titles				Debit	Credit
Jan. 15
Feb 15
Apr. 15
May 15
July 1
Dec. 1
31
31
31

(b)		Pge 593
Common Stock
Date	Explanation		Ref.	Debit	Credit	Balance
Jan. 1	Balance					750,000
Paid-in Capital in Excess of Par Value - Common Stock
Date	Explanation		Ref.	Debit	Credit	Balance
Jan. 1	Balance					200,000
Retained Earnings
Date	Explanation		Ref.	Debit	Credit	Balance
Jan. 1	Balance					540,000
Cash Dividends
Date	Explanation		Ref.	Debit	Credit	Balance
Stock Dividends
Date	Explanation		Ref.	Debit	Credit	Balance
Common Stock Dividends Distributable
Date	Explanation		Ref.	Debit	Credit	Balance

Primo Corporation
Balance Sheet (Partial)
December 31, 2015
Stockholders' equity