Below is the shareholders equity section of the balance sheet of one company, as of December 31, 2020: Paid-in capital: Preferred stock, 8.5%, 84,000 shares at $1 par $ 84,000 Common stock, 343,400 shares at $1 par 343,400 Paid-in capitalexcess of par, preferred 1,465,000 Paid-in capitalexcess of par, common 2,515,000 Retained earnings 8,445,000 Treasury stock, at cost; 3,400 common shares (34,000) Total shareholders' equity $12,818,400 During 2021, several events and transactions affected the retained earnings of this company. Required: 1. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 220,000 shares of Leasco International common stock that the company had purchased in January as an investment (book value: $426,000). The investment shares had a fair value of $2 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 $10 per share. c. On July 5, a 2% common stock dividend was declared and distributed. The market value of the common stock was $10 per share. d. On December 1, the board of directors declared the 8.5% cash dividend on the 84,000 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 $0.50 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 at December 31, 2021. Net income for the year was $740,000.

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