Questions 5-9 are based on the following information. The balance sheet of consolidated paper, Inc. included the following shareholders' equity accounts at December 31, 2012. in millions) Paid in capital: Preferred stock, 8.8%, 90,000 shares at $1 par 90,000 Common stock, 364,000 shares at $1 par 364,000 Paid-in capita excess par, preferred 1,437,000 Paid-in capita excess of par, common 2,574,000 Retained earnings: 35,000 Treasury stock, at cost; 4,000 common shares (44,000) $14,156,000 Total shareholders' equity 5) given the information above, on July 5,2013 a 2% common stock dividend was declared and distributed. The market value of the common stock was $11 per share. Fractional share rights represented 20 equivalent whole shares. Cash was paid in u of the fractional share rights. The journal entry to record the 2% common stock dividend only July 5, 2013 includes: A. a debit to cash account by $220 B. a credit to common stock account by $79,200 C. a credit to stock dividends payable account by $79,200 D. a credit to paid-in capital-excess of par account by $71,800 6) given the info above, on December 1,2013 the board of directors declared the 8.8% cash dividend on the 90,000 preferred shares, payable on December 28 to shareholders of record December 20. The journal entry that Consolidated Paper, Inc. should prepare on December 28,2013 includes: A. a debit to cash dividends payable account by $7,920 B. a debit to retained earnings account by $7,920 C. a credit to retained earnings account by $7,920 D. a debit to cash account by $7,920 7) in keeping with modernization of corporate statues in its home state, Consolidated paper Inc. decided on December 1, 2013 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased will be v wed as having been retired, reassuming the status of unissued shares. As part of the change, treasury shares held were reclassified as retired stock. The journal entry to effect the reclassification of treasury shares as retired shares ncludes ebit to paid-in capital -excess of par, common account by $44,000 A. a d B. a debit to paid-in capital-excess of par, common account by $28,280 C. a debit to common stock account by $32,280 D. a debit to retained earnings account by $44,000