Question
Problem 11-7A (Part Level Submission) On January 1, 2015, Primo Corporation had the following stockholders' equity accounts. Common Stock ($12 par value, 80,300 shares issued
Problem 11-7A (Part Level Submission)
On January 1, 2015, Primo Corporation had the following stockholders' equity accounts.
| Common Stock ($12 par value, 80,300 shares issued and outstanding) | $963,600 | |
| Paid-in Capital in Excess of Par Value-Common Stock | 199,300 | |
| Retained Earnings | 569,600 |
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 10% 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 $6.) | |
| Dec. 1 | Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2016. | |
| Dec. 31 | Determined that net income for the year was $225,500. |
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Financial Accounting For MBAs
Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally
3rd Edition
0978727932, 978-0978727932
