70.2K

Verified Solution

Link Copied!

SHOW WORK PLEASE!

Part B & C:

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. (Check Figure: Total Stockholder's Equity $1,566,000)

On January 1, 2015, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 82,600 shares issued and outstanding) $826,000 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 215,300 563,600 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 10% stock dividend to stockholders of record on April 30, distributable May 15, On April 15, the market price of the stock was $15 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 value is $5.) Dec. 1 Declared a $0.50 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 $229,700 (a) Your answer is partially correct. Try again Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Answer & Explanation Solved by verified expert

See Answer