Exercise 18-23 (Algo) Transactions affecting retained earnings [LO18-6, 18-7, 18-8] The balance sheet of Consolidated Paper, Incorporated, included the following shareholders' equity accounts at December 31 , 2023: 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 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, Incorporated at December 31, 2024. Net income for the year was $730,000. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 215,000 shares of Leasco International common stoc that Consolidated Paper had purchased in January as an investment (book value: $632,000 ). The investment shares had a 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 share. d. On December 1 , the board of directors declared the 8% 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December 31 , 2024. Net income for the year was $730,000. Note: Negative amounts should be indicated by a minus sign