JOURNAL ENTRY DROP DOWN OPTIONS:

• No journal entry required
• Accounts payable
• Accounts receivable
• Accumulated depreciation
• Cash
• Cash dividends payable
• Common stock
• Depreciation expense
• Equipment
• Gain on investments
• Income tax expense
• Income taxes payable
• Inventory
• Investment in equity securities
• Land
• Paid-in capital - excess of par, common
• Paid-in capital - share repurchase
• Property dividends payable
• Retained earnings
• Salaries expense
• Service revenue
• Supplies
• Supplies expense
• Treasury stock
• Utilities expense
• Utilities payable

REQUIRED #2:

DROP DOWN OPTIONS:

• Accounts payable
• Accounts receivable
• Accumulated depreciation
• Cash
• Common stock
• Depreciation expense
• Dividends payable
• Equipment
• Income tax expense
• Income taxes payable
• Inventory
• Land
• Paid-in capital - excess of par, common
• Paid-in capital - excess of par, preferred
• Paid-in capital - share repurchase
• Preferred stock
• Retained earnings
• Salaries expense
• Service revenue
• Supplies
• Supplies expense
• Treasury stock
• Utilities expense
• Utilities payable

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 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $962,000 ). The investment shares had a fair value of $4 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 3% 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 7.5% cash dividend on the 88,000 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. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net income for the year was $780,000. 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.) Journal entry worksheet 2 5 6 7 812 Record any necessary adjustments to the Equity securities account as a result of the property dividend declaration. Note: Enter debits before credits. 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.) Journal entrv worksheet IVULE: IIEI UEUIs veIUIE CI EuIls. 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.) Journal entrv worksheet 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.) Journal entry worksheet Nute: crlte uevis velurt deuls. 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.) Journal entry worksheet 678,12 Record the declaration and distribution of the stock split effected in the form of a stock dividend. Note: Enter debits before credits. 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.) Inirnal entry workchaet 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.) Journal entry worksheet