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please help finish and complete the last 3 journals entries I posted Paid-in capital: Preferred stock, 8.8%, 95,000 shares at $1 par Connon stock, 454,500
please help finish and complete the last 3 journals entries I posted
Paid-in capital: Preferred stock, 8.8%, 95,000 shares at $1 par Connon stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 conmon shares Total shareholders' equity $ 95,000 454,500 1,565,000 2,615,000 9,445,000 (49,500) $14, 125,000 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 275,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $800,000). 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 S-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 8.8% cash dividend on the 95,000 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 $0.40 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 $850,000. No Date Debit Credit 1 March 03 General Journal Investment in equity Securities Gain on investments 25,000 E 25,000 > 2 March 03 825.000 Retained earnings Property dividends payable 825,000 3 March 15 No journal entry required > March 31 825,000 Property dividends payable Investment in equity securities >> 825,000 5 May 03 112,500 Property dividends payable Common stock 112,500 6 July 05 185,625 Retained earnings Common stock Paid in capital excess of par common 16,875 168,750 7 December 01 8,300 Retained earnings Cash dividends payable 8,360 8 December 20 No journal entry required Marmor - July 05 185,625 Retained earnings Common stock Paid.in capital - excess of par common 16,875 168,750 December 01 8,360 Retained earnings Cash dividends payable 8,360 December 20 No journal entry required > December 28 Cash dividends payable 8360 Cash 0 December 01 231,750 Retained earnings Cash dividends payable i 231, 750 11 December 20 No journal entry required 12 December 28 No Transaction Recorded Record the declaration and distribution of the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Date Credit General Journal Property dividends payable Common stock Debit 112,500 May 03 112,500 Step by Step Solution
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