P11.7A (LO2,3,4) On January 1, 2020, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par- Common Stock Retained Earnings $750,000 200,000 540,000 During the year, the following transactions ocurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was S15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2021. Determined that net income for the year was $250,000. Feb. 15 Apr. 15 May 15 July 1 Dec. 1 31 Instructions a. Journalize vidends. b. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open the transactions and the closing entries for net income and di additional stockholders' equity accounts as needed.) c. Prepare a stockholders' equity section at December 31, 2020