Saved The balance sheet of Consolidated Paper, Incorporated, Included the following shareholders' equity accounts at December 31, 2023 Paid-in capital: Preferred stock, 7.5%, ss,eee shares at $1 par Common stock, 383, 800 shares at $1 par $ 88, 080 Paid-in capital-excess of par, preferred 383, 800 Paid-in capital-excess of par, common 1, 505, 000 Retained earnings 2, 555,600 Treasury stock, at cost; 3,see common shares 8, 845, 600 (41, 800) Total shareholders' equity $ 13, 335,090 During 2024, 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 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an Investment (book value: $962,000) The Investment shares had a fair value of $4 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 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 7.5% cash dividend on the 88,000 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 $0.60 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, Incorporated at December 31, 2024. Net Income for the year was $780,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $962,000). The investment shares had a fair value of $4 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 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 7.5% cash dividend on the 88,000 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 $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show less A X
