The balance sheet of Consolidated Paper, Inc., included the following shareholders equity accounts at December 31, 2015:

Paid-in capital:Preferred stock, 6.5%, 89,000 shares at $1 par$89,000Common stock, 383,900 shares at $1 par383,900Paid-in capitalexcess of par, preferred1,515,000Paid-in capitalexcess of par, common2,565,000Retained earnings8,945,000Treasury stock, at cost; 3,900 common shares(46,800)Total shareholders' equity$13,451,100

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 250,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $981,000). 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 $12 per share.

c.On July 5 a 3% 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 6.5% cash dividend on the 89,000 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.