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On January 1, 2022, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $750,000 200,000 540,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $250,000.

On January 1, 2022, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $750,000 200,000 540,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $250,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2022, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $750,000 Issued the shares for the stock dividend. 200,000 540,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $250,000.
Transcribed Image Text:On January 1, 2022, Primo Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $750,000 Issued the shares for the stock dividend. 200,000 540,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. 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.) (Post entries in the order of journal entries presented in the previous question.) Common Stock Date Date Paid-in Capital in Excess of Par-Common Stock Date Cash Dividends Date Retained Earnings Explanation Ref. Date Balance V Date Explanation Ref. Balance 1 Explanation Balance Stock Dividends Cash dividends ✓ Stock dividends Net income Explanation Ref. Ref. Explanation Ref. ✓ Common Stock Dividends Distributable Explanation Ref. Debit Debit Debit Debit Show Transcribed Text Debit Credit Debit Credit Credit Credit Credit Credit Balance Balance Balance Balance Balance Balance
Transcribed Image Text:Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question.) Common Stock Date Date Paid-in Capital in Excess of Par-Common Stock Date Cash Dividends Date Retained Earnings Explanation Ref. Date Balance V Date Explanation Ref. Balance 1 Explanation Balance Stock Dividends Cash dividends ✓ Stock dividends Net income Explanation Ref. Ref. Explanation Ref. ✓ Common Stock Dividends Distributable Explanation Ref. Debit Debit Debit Debit Show Transcribed Text Debit Credit Debit Credit Credit Credit Credit Credit Balance Balance Balance Balance Balance Balance
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