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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