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My numbers are wrong. The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2015 Paid-in capital Preferred stock,
My numbers are wrong.
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2015 Paid-in capital Preferred stock, 7.096, 91,000 shares at $1 par Common stock, 414,100 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common $ 91,000 414,100 1,525,000 2,575,000 9,045,000 (41,000) Retained earnings Treasury stock, at cost, 4,100 common shares Total shareholders' equity $13,609,100 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 transactionlevent, select "No journal entry required" in the first account field.) a. On March 3 the board of directors declared a property dividend of 255,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $744,000). 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 C. On July 5 a 1% common stock dividend was declared and distributed. The market value of the d. On December 1 the board of directors declared the 7.0% cash dividend on the 91,000 preferred e.On December 1 the board of directors declared a cash dividend of $0.40 per share on its common of a 25% stock dividend. The market value of the $1 par common stock was $10 per share. common stock was $10 per share shares, payable on December 28 to shareholders of record December 20 shares, payable on December 28 to shareholders of record December 20
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