'he balance sheet of Consolidated Paper, Inc., included the following sharehoiders' equity accounts at December 31,2020 : 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 200,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $390,000 ). 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 1% common stock dividend was declared and distributed. The market value of the common stock was $10 per share. d. On December 1, the board of directors declared the 8.0% cash dividend on the 80,000 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, Inc., at December 31,2021 . Net income i the year was $700,000