12 The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: oints Skipped Paid-in capital: Preferred stock, 8.0%, 83,000 shares at $1 par $ 83,000 Common stock, 333, 300 shares at $i par 333,300 Paid-in capital-excess of par, preferred 1,455,000 Paid-in capital-excess of par, common 2,505,000 Retained earnings 8, 345,000 Treasury stock, at cost; 3,300 common shares (36,300) Total shareholders' equity $12,685,000 eBook During 2018, several events and transactions affected the retained earnings of Consolidated Paper. Hint Required: 1. Prepare the appropriate entries for these events. Print References a. On March 3 the board of directors declared a property dividend of 215,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $632,000). The investment shares had a fair value of $3 per share and were distributed March 31 to shareholders of record March 15. b. On May 3 a 5-for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% stock dividend. The market value of the $1 par common stock was $11 per share. c. On July 5 a 1% common stock dividend was declared and distributed. The market value of the common stock was $11 per share. d. On December 1 the board of directors declared the 8.0% cash dividend on the 83,000 preferred shares, payable on December 28 to shareholders of record December 20. e. On December 1 the board of directors declared a cash dividend of $0.40 per share on its common shares, payable on December 28 to shareholders of record December 20. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2018. Net income for the year was $730,000. complete the auction by entering v a n in the the below Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 12 1 Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration. account 2 Record the declaration of the property dividend. ces 3 Record the entry on the date of record. 4 Record the distribution of the property dividend. Credit 5 Record the declaration and distribution of the stock split effected in the form of a stock dividend. 6 Record the declaration and distribution of the stock dividend. Note : = journal entry has been entered Record entry Clear entry View general journal 12 Complete this question by entering your answers in the tabs below. ints Required 1 Required 2 Skipped Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list eBook Hint 12 7 Record entry for cash dividend on preferred stock on date of declaration. Print 8 Record the entry on the date of record. account References 9 Record the payment of cash dividends to preferred shareholders. 10 Record the declaration of cash dividends to common shareholders. Credit 11 Record the entry on the date of record. 12 Record the payment of cash dividends to common shareholders. Note : = journal entry has been entered 12 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2018. Net income for the year was $730,000. Complete this question by entering your answers in the tabs below. nts Skipped Required 1 Required 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net income for the year was $730,000. (Negative amounts should be indicated by a minus sign.) eBook CONSOLIDATED PAPER, INC., [Shareholders' Equity section] December 31, 2018 Hint Print eferences Total shareholders' equity Required 1 Required 2 >