Saved The balance sheet of Consolidated Paper, Inc., included the following share Paid-in capital: Preferred stock, 8.0%, 93,000 shares at $1 par Common stock, 434,300 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,300 common shares Total shareholders' equity 93,000 434,300 1,545,000 2,595,000 9,245,000 (51,600 $13,860,700 During 2018, several events and transactions affected the retained earning Required: 1. Prepare the appropriate entries for these events. a. On March 3 the board of directors declared a property dividend of 265. Consolidated Paper had purchased in January as an investment (book ve 53 per share and were distributed March 31 to shareholders of record M b. On May 3 a 5-for-4 stock split was declared and distributed. The stocks market value of the S1 par common stock was $12 per share con July 5 a 216 common stock dividend was declared and distributed On December the board of directors declared the 8.09 cash dividend to shareholders of record December 20 - - During 2018, 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 265,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $772.000). 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 $12 per share. c. On July 5 a 2% common stock dividend was declared and distributed. The market value of the common stock was $12 per share. d. On December 1 the board of directors declared the 8.0% cash dividend on the 93,000 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, 2018. Net income for the year was $830,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) ete this question by entering your answer ed 1 Required 2 re the appropriate entries for these events. (If no entry is required for a transaction/eve account field.) w transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 12 Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration. Note: Enter debits before credits General Journal Debit Credit Date March 03 omplete this question by entering your answers thur Required 1 Required 2 Prepare the appropriate entries for these events. (If no entry is required for at first account field.) View transaction list Journal entry worksheet 5 6 7 8 ..... 12 Record the declaration of the property dividend. Note: Enter debits before credits General Journal Debit Credit Date March 03 repare the shareholders' equity section of the balance sheet for Consolidated Paper year was $830,000. Complete this question by entering your answers in the tabs below. Required i Required 2 Prepare the appropriate entries for these events. (If no entry is required for a transaction/eve first account field.) View transaction list Journal entry worksheet Record the entry on the date of record. Note: Enter debits before credits General Journal Debit Credit Date December 20 are the shareholders' equity section of the balance sheet for Consolidated Pape ar was $830,000. mplete this question by entering your answers in the tabs below. quired 1 Required 2 epare the appropriate entries for these events. (If no entry is required for a transaction/ev st account field.) View transaction list Journal entry worksheet hp ar was $830,000 mplete this question by entering your answers in the tabs below. quired 1 Required 2 pare the appropriate entries for these events. (If no entry is required for a transaction/ st account field.) View transaction list Journal entry worksheet Prepare the shareholders' equity section of the balance sheet for Consolidated Pape e year was $830,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for these events. (If no entry is required for a transaction/eu first account field.) View transaction list Journal entry worksheet are the shareholders' equity section of the balance sheet for Consolidated Paper In ar was $830,000 mplete this question by entering your answers in the tabs below. quired 1 Required 2 pare the appropriate entries for these events. (If no entry is required for a transaction/event, st account field.) View transaction list Journal entry worksheet 1 ..... 5 6 7 8 9 10 11 Record the payment of cash dividends to common shareholders. Note: Enter debits before credits General Journal Debit Credit Date December 28 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2018. Net the year was $830,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net Income for the year was $830,000. Negative amounts should be indicated by a minus sign.) CONSOLIDATED PAPER, INC. [Shareholders' Equity section] December 31, 2018 Total Shareholders' equity ( Required 1