The balance sheet of Consolidated Paper, Inc., included the following shareholders equity accounts at December 31, 2015: Paid-in capital: Preferred stock, 8.5%, 84,000 shares at $1 par $ 84,000 Common stock, 343,400 shares at $1 par 343,400 Paid-in capitalexcess of par, preferred 1,465,000 Paid-in capitalexcess of par, common 2,515,000 Retained earnings 8,445,000 Treasury stock, at cost; 3,400 common shares (34,000 ) Total shareholders' equity $ 12,818,400 During 2016, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. 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.) a. On March 3 the board of directors declared a property dividend of 220,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $426,000). The investment shares had a fair value of $2 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 $10 per share. c. On July 5 a 2% common stock dividend was declared and distributed. The market value of the common stock was $10 per share. d. On December 1 the board of directors declared the 8.5% cash dividend on the 84,000 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.