The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020 Paid-in capital: Preferred stock, 9.0%, 86,000 shares at $1 par Common stock, 363,600 shares at $1 par $ 86,000 363,600 1,485,000 2,535,000 Paid-in capital-excess of par, preferred t Paid-in capital-excess of par, common Treasury stock, at cost; 3,600 common shares $13,071,400 Retained earnings 8,645,000 (43,200) Total shareholders' equity 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 230,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $674,000). 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 9.0% cash dividend on the 86.000 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 $0.40 per share on its common shares, payable on December 28 to shareholders of record December 20 4 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net income for the year was $760,000