On January 1, 2014 Primo Corporation had the following had the following equity accounts. Amount in...

On January 1, 2014 Primo Corporation had the following had the following equity accounts.
Amount in OMR
Share Capital – Ordinary 750,000 (OMR 10 par value, 75,000 shares issued and outstanding)
Share Premium – Ordinary 200,000
Retained Earnings 540,000

During the year, the following transactions occurred.
Jan. 15 Declared an OMR 1 cash dividend per share to shareholders of record on January 31, payable on February 15.

Feb. 15 Paid the dividend declared in January.

Apr. 15 Declared a 30% share dividend to shareholders of record on
April 30, distributable May 15. On April 15, the market price of the shares was OMR 14 per share.

May 15 Issued the shares for the share dividend.

July    1 Announced a 2 for 1 share split. The market price per share prior to the announcement was OMR 18.

Dec.   1 Declared OMR 0.600 per share cash dividend to shareholders of record on December 15, payable January 10, 2015.

Dec. 31 Determined that net income for the year was OMR 250,000.

Instructions:
(A) Journalize the transactions and the closing entry for the net income.

(B) Prepare an Equity Section at December 31.

Expert Solution

ekkarill92 answered 2 years ago

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