Problem 11-7A (Part Level Submission) On January 1, 2015, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 79,100 shares issued and outstanding) $791,000 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 194,100 504,300 During the year, the following transactions occurred Jan. 15 Declared a $1.20 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 $13(The new par values ) 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 $286,000