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On January 1, 2017, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital
On January 1, 2017, Primo Corporation had the following stockholders' equity accounts.
| Common Stock ($10 par value, 75,000 shares issued and outstanding) | $750,000 | |
| Paid-in Capital in Excess of Par Value-Common Stock | 200,000 | |
| Retained Earnings | 540,000 |
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. | |
| May 15 | 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 $0.6 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. | |
| Dec. 31 | Determined that net income for the year was $250,000.
Journalize the transactions and the closing entries for net income and dividends |
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