Exercise 18-23 (Algo) Transactions affecting retained earnings (L018-6, 18-7, 18-8) The balance sheet of Consolidated Paper Inc. Included the following shareholders' equity accounts at December 31, 2020 Preferred stock. 3.53, 94,000 shares at 51 par Comon stock, 144,400 shares at 51 par Paid in capital excess of par, preferred Paid in capital excess of par. common Retained warnings Treasury stock, at cost: 4,400 common shares Total shareholders' equity 94.000 4114.400 1,555,000 2,605,000 9,345, cee (44,000) $13,999,400 During 2021, 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 270,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $516,000). 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 shate, d. On December 1, the board of directors declared the 8.5% cash dividend on the 94.000 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 $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20, Exercise 18-23 (Algo) Transactions affecting retained earnings (L018-6, 18-7, 18-8) The balance sheet of Consolidated Paper Inc. Included the following shareholders' equity accounts at December 31, 2020 Preferred stock. 3.53, 94,000 shares at 51 par Comon stock, 144,400 shares at 51 par Paid in capital excess of par, preferred Paid in capital excess of par. common Retained warnings Treasury stock, at cost: 4,400 common shares Total shareholders' equity 94.000 4114.400 1,555,000 2,605,000 9,345, cee (44,000) $13,999,400 During 2021, 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 270,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $516,000). 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 shate, d. On December 1, the board of directors declared the 8.5% cash dividend on the 94.000 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 $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20,