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The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: Paid-in capital: Preferred stock, 8.5%, 100,000 shares at $1 par $ -100,000 505,000 1,615,000 2,665,000 9,945,000 Common stock, 505,000 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost: 5,000 common shares(50,000) Total shareholders' equity $14,780,000 During 2018, 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 300,000 shares of Leasco International common stock tha Consolidated Paper had purchased in January as an investment (book value: $870,000). 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 $10 per share. On July 5 a 3% 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 8.5% cash dividend on the 100,000 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, 2018. Net income for the year was $900,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required" in first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit March 03 Investment in Leasco International stock 30,000 Gain on appreciation of investment 30,000 March 03 Retained earnings 00,000 Property dividends payable 900,000 3 March 15 No journal entry required March 31 Property dividends payable 900,000 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2018. Net income for the year was $900,000. Complete this question by entering your answers in the tabs below. Required1 Requirhd 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net income for the year was $900,000. (Negative amounts should be indicated by a minus sign.) ces CONSOLIDATED PAPER, INC [Shareholders' Equity section December 31, 2018 Preferred stock Common stock Paid-in capital-excess of par, preferred Paid-in capital -excess of par, common Retained eamings Treasury stock Total shareholders' equity 100,000 670,000 1,615,000 2,800,000 9,277,500 50,000 S 14,512,500 Required 1 30,000 Investment in Leasco International stock March 03 0,000 Gain on appreciation of investment 900,000 Retained earnings March 03 900,000 Property dividends payable 3 March 15 No journal entry required 900,000 4 March 31 Property dividends payable 00,000 Investment in Leasco International stock 125,00001 Retained earnings Common stock May 03 25,000 150,000 Retained earnings July 05 6 15,000 135,000 p Common stock Paid-in capital-excess of par, common 8,500 7 December 01 Retained earnings 8,500 Cash dividends payable Re 7 Decemer 01 Retained earnings 8,500 8,500 Cash dividends payable 8 December 20 No journal entry required 9 December 28 Cash dividends payable 8,500 8,5000 Cash 384,0003 10 December 01Retained earnings 384,000 Cash dividends payable 11 December 20 No journal entry required 384,000 12 December 28 Cash dividends payable 384,000 Cash Required 2> Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Ne for the year was.$900,000(Negative amounts should be indicated bya minus sign.. CONSOLIDATED PAPER, INC. [Shareholders' Equity section December 31, 2018 100,000 Preferred stock Common stock 670,000 Paid-in capital-excess of par, preferred1,615,000 Paid-in capital-excess of par, common2,800,000 9,277,500 50,000 $ 14,512,500 9,277.500 O 50.000 Retained earnings Treasury stock Total shareholders' equity 4 of 411 Next>