equired:

$1.$ Prepare the appropriate entries for these events.

On March $3,$ the board of directors declared a property dividend of $235,000$ shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment $($book value: $$453,000).$ The investment shares had a fair value of $$2$ per share and were distributed March $31$ to shareholders of record March $15.$

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.

On July $5,$ a $2\%$ common stock dividend was declared and distributed. The market value of the common stock was $$10$ per share.

On December $1,$ the board of directors declared the $8\mathrm{.}8\%$ cash dividend on the $87,000$ preferred shares, payable on December $28$ to shareholders of record December $20.$

On December $1,$ the board of directors declared a cash dividend of $$0\mathrm{.}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 for Consolidated Paper, Inc., at December $31,2021.$ Net income for the year was $$770,000.$