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Question#3 - 2 point The balance sheet of BlueCarbon included the following shareholders' equity accounts at December 31, year 1: Paid-in capital: Preferred stock, 8.60%, 93,000 shares at $1 par 93,000 Common stock, 364,000 shares at $1 par 364,000 Paid-in capital-excess of par, preferred 1,437,000 Paid-in capital-excess of par, common 2,577,000 Retained earnings 9,737,000 Treasury stock, at cost; 4,000 common shares 48,000) Total shareholders' equity $14,160,000 During year 2, several events and transactions affected the retained earnings of BlueCarbon. Required: 1. Prepare the appropriate entries for these events: a. On March 3 the board of directors declared a property dividend of 244,000 shares of Amber International common stock that BlueCarbon had purchased in January as an investment (book value: $701,000). The investment shares had a fair value of $4 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 $12 per share. On July 5 a 6.0% common stock dividend was declared and distributed. The market value of the common stock was $12 per share. d. On December 1 the board of directors declared the 8.60% cash dividend on the 93,000 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 $.50 per share on its common shares, payable on December 28 to shareholders of record December 20. Prepare the shareholders' equity section of the balance sheet for BlueCarbon at December 31, year 2. Net income for the year was $819,000