P12.7 (LO 3,4) On January 1, 2020, Primo plc had the following equity accounts. Share Capital-Ordinary (10 par value, 75,000 shares issued and outstanding) 750,000 Share Premium-Ordinary 200,000 Retained Earnings 540,000 During the year, the following transactions occurred. Jan. 15 Declared a 2 cash dividend per share to shareholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January Apr. 15 Declared a 10% share dividend to shareholders of record on April 30, distributable May 15. On April 15, the market price of the shares was 15 per share. May 15 Issued the shares for the share dividend. July 1 Announced a 2-for-1 share 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 shareholders of record on December 15. payable January 10, 2021. 31 Determined that net income for the year was 260,000. 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