Problem 11-7A On January 1, 2017, Primo Corporation had the following stockholders' equity accounts. Common Stock (10par vr so sares issued and outstanding) $803,000 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 533,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.10 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 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 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 $14. (The new par value is $5.) Dec. 1 Declared a $0.50 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 $210,000