Problem 11-7A (Part Level Submission) On January 1, 2017, Primo Corporation had the following stockholders' equity accounts. Common Stock ($12 par value, 81,700 shares issued and outstanding) $980,400 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 214,000 527,000 During the year, the following transactions occurred an. 15 Declared a $1.00 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 rec 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 $15. Dec. 1 Declared a s0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was $250,000 ord on April 30 dstrit table May 15 On Apr 1s, the market price of the stock was S 16 per share. ly The new par value is s6.) (a) Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credt account titles are automatically indented when the amount is entered. Do not indent manually, It no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Date Account Titles and Explanation