Problem 11 7A (Part Level Submission) On January 1, 2017, Primo Corporation had the following stockholders' equity accounts Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid in Capital in Excess of Par Value Common Stock 200,000 Retained Earnings 540,000 During the year, the following transactions occurred Jan 15 Declared a $1 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 $14 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 $15 (The new par value is $5 ) Dec 1 Declared a $0 6 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 $250,000 B Enter the beginning balances, and post the entries to the stockholders' equity accounts ( Note Open additional stockholders' equity accounts as needed )

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Problem 11-7A (Part Level Submission) On January 1, 2017, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued

Problem 11-7A (Part Level Submission)

On January 1, 2017, Primo Corporation had the following stockholders' equity accounts.

Common Stock ($10 par value, 75,000 shares issued and outstanding)		$750,000
Paid-in Capital in Excess of Par Value-Common Stock		200,000
Retained Earnings		540,000

During the year, the following transactions occurred.

Jan. 15		Declared a $1 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 $14 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 $15. (The new par value is $5.)
Dec. 1		Declared a $0.6 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 $250,000.

Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)