Exercise 18-23 Transactions affecting retained earnings IL018-6, 18-7, 18-8] The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2015 Paid-in capital: Preferred stock, 9.0%, 81,000 shares at $1 par 000 Common stock, 313,100 shares at $1 par 313,100 1,435,000 Paid-in capital excess of par, preferred 2,485,000 Paid-in capital excess of par, common 8,145,000 Retained earnings (34,100) Treasury stock, at cost, 3,100 common shares $12,425,000 Total shareholders' equity During 2016, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these events. (If no entry is required for a transaction/event select "No journal entry required" in the first account field.) a. On March 3 the board of directors declared a property dividend of 205,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $604,000). 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 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 9.0% cash dividend on the 81,000 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