On January 1, 2017, Primo Corporation had the following stockholders' equity accounts.

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Problem 11-7A (Part Level Submission) 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 Retained Earnings 200,000 540,000 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. May 15 Issued the shares for the stock dividend ders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. July 1 Dec. 1 Announced a 2-for-1 stock split. The market price per share prior Declared a $0.6 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. the announcement was $15. (The new par value is $5.) Dec. 31 Determined that net income for the year was $250,000. Account Titles and Explanation Credit Date Debit Jan. 15 Cash Dividends 75,000 Dividends Payable 75,000 Feb. 15 Dividends Payable 75,000 75,000 Cash Apr. 15 Stock Dividends 105,000 Common Stock Dividen 75,000 Paid Capital in Exces 30,000 May 15 Common Stock Dividends 75,000 Common Stock 75,000 No Entry July 1 No Entry Dec. 1 Cash Dividends 99.000 99,000 Dividends Payable Dec. 31 Tincome Summary 250,000 Retained Earnings 250,000 (To close net income) Dec. 31 TRetained Earnings 174,000 Cash Dividends 174.000 (To close cash dividends) (To close cash dividends) Dec. 31 Retained Earnings 105,000 Stock Dividends 105,000 (To close stock dividends) (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question.) Common Stock Explanation Ref. Credit Balance Date Debit Balance Common Stock Dividends Distributable Debit Date Explanation Ref. Credit Balance Par Value-Common Stock Paid-in Capltal in Excess Date Explanation Ref. Debit Credit Balance ABalance Retained Earnings Debit Balance Date Explanation Ref. Credit V Balance Cash dividend Stock dividend Net income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Explanation Ref Date Debit Credit Balance