Required: 1. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 205,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $604,000). 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 $11 per share. c. On July 5, a 2% 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 9.0% cash dividend on the 81,000 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 $0.50 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 $710,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 No Date General Journal Debit Credit 1 March 03 11,000 Investment in equity securities Gain on investments 11,000 2 March 03 615,000 Retained earnings Property dividends payable 615,000 3 March 15 No journal entry required 4 March 31 615,000 Property dividends payable Investment in equity securities 615,000 5 May 03 par, common 77,500 Paid-in capital - excess Common stock 77,500 6 July 05 85,932 Retained earnings Common stock Paid-in capital - excess par, common 7 December 01 Retained earnings Cash dividends payable 00 December 20 No journal entry required 9 December 28 Cash dividends payable Cash 10 December 01 Retained earnings Cash dividends payable 11 December No journal entry required 12 December 28 Cash dividends payable Cash Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2021. Net income for the year was $710,000. (Negative amounts should be indicated by a minus sign.) CONSOLIDATED PAPER, INC. [Shareholders' Equity section] December 31, 2021 Paid-in capital: Total shareholders' equity $ 0 Required: 1. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 205,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $604,000). 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 $11 per share. c. On July 5, a 2% 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 9.0% cash dividend on the 81,000 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 $0.50 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 $710,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 No Date General Journal Debit Credit 1 March 03 11,000 Investment in equity securities Gain on investments 11,000 2 March 03 615,000 Retained earnings Property dividends payable 615,000 3 March 15 No journal entry required 4 March 31 615,000 Property dividends payable Investment in equity securities 615,000 5 May 03 par, common 77,500 Paid-in capital - excess Common stock 77,500 6 July 05 85,932 Retained earnings Common stock Paid-in capital - excess par, common 7 December 01 Retained earnings Cash dividends payable 00 December 20 No journal entry required 9 December 28 Cash dividends payable Cash 10 December 01 Retained earnings Cash dividends payable 11 December No journal entry required 12 December 28 Cash dividends payable Cash Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2021. Net income for the year was $710,000. (Negative amounts should be indicated by a minus sign.) CONSOLIDATED PAPER, INC. [Shareholders' Equity section] December 31, 2021 Paid-in capital: Total shareholders' equity $ 0