Problems: accoA On January 1, 2017, Primo Corporation had the following stockholders' equity Prepare stockh (LO 4, accounts. Common Stock ($10 par value, 75,000 shares issued $750,000 200,000 540,000 and outstanding) Paid-in Capital in Excess of Par Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, 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 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the Dec. payable February 15. May 15. On April 15, the market price of the stock was $14 per share. announcement was $15. (The new par value is $5.)Vo en Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $250,000. 1 31 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 stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a stockholders' equity section at December 31