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Problem 11-7A (Part Level Submission) On January 1, 2015, Primo Corporation had the following stockholders'...

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Accounting

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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