On January $1,2018,$ Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $$1$ par, $244,000$ shares issued $244,000$ Paid$-$in capital $-$ excess of par, common $488,000$ Paid$-$in capital $-$ excess of par, preferred $180,000$ Preferred stock, $$100$ par, $18,000$ shares outstanding $1,800,000$ Retained earnings $3,600,000$ Treasury stock, at cost$,4,400$ shares $22,000$ During $2018,$ Gerlach Inc. had several transactions relating to common stock. January $15$: Declared a property dividend of $100,000$ shares of Slowdown Company $($book value $$11\mathrm{.}6$ per share, fair value $$9\mathrm{.}80$ per share$).$ February $17$: Distributed the property dividend. April $10$: A $2-$for$-1$ stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The Fair value of the stock was $$4$ on this date. Hint: Debit Retained earnings. July $18$: Declared and distributed a $4\%$ stock dividend on outstanding common stock; fair value per share, $$5.$ December $1$: Declared a $50$ cents per share cash dividend on the outstanding common shares. December $20$: Paid the cash dividend. Required: Record the above transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)1.$ Declared a property dividend of $100,000$ shares of Slowdown Company $($book value $$11\mathrm{.}60$ per share, market value $$9\mathrm{.}80$ per share$).2.$ Record the declaration of property dividend. $3.$ Distributed the property dividend. $4.$ A $2-$for$-1$ stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The market value of the stock was $$4$ on this date. $5.$ Declared and distributed a $4\%$ stock dividend on outstanding common stock; market value per share, $$56.$ Declared a $50$ cents per share cash dividend on the outstanding common shares $7.$ Paid the cash dividend.