The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.5%, 94,000 shares at $1 par Common stock, 444,400 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,400 common shares Total shareholders' equity $ 94,000 444,400 1,555,000 2,605,000 9,345,000 (44,000) $13,999,400 During 2021, 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 270,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $516,000). 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 94,000 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.