E 18-23 Transactions affecting retained earnings; throughLO18-8 The balance sheet of Consolidated Paper, Inc. included the following shareholders' equity accounts at December 31, 2023: H Paid-in capital: Preferred stock, 8.8%, 90,000 shares at $1 par $ Common stock, 364,000 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,000 common shares Total shareholders' equity 90,000 364,000 1,437,000 2,574,000 9,735,000 (44,000) $14,156,000 During 2024, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these events: a. On March 3, the board of directors declared a property dividend of 240,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $700.000). The investment shares had a fair value of $3 per share and were distributed March 31 to shareholders of record March 15. i 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 2% 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 8.8% cash dividend on the 90.000 preferred Type here to search 30 31 32 33 34 35 36 37 38 Ready