The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017 Paid-in capital: Preferred stock, 9.0, 81,000 shares at $1 par$ 81,000 313,100 1,435,000 2,485,000 8,145,000 Common stock, 313,100 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 3,100 common shares Total shareholders' equity (34,100) $12,425,000 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 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, 2018. Net income for the year was $710,000 2 3 4 5 6 7 8 12 Record the declaration of the property dividend. Note: Enter debits before credits. Date General Journal Debit Credit March 03 Journal entry worksheet 2 3 4 5 6 7 8 12 Record the distribution of the property dividend. Note: Enter debits before credits. Date General Journal Debit Credit March 31 K1 5 678 9 1011 12 Record the payment of cash dividends to common shareholders. Note: Enter debits before credits. Credit Date December 28 General Journal Debit