The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020:

Paid-in capital:Preferred stock, 7.5%, 88,000 shares at $1 par$88,000Common stock, 383,800 shares at $1 par383,800Paid-in capitalexcess of par, preferred1,505,000Paid-in capitalexcess of par, common2,555,000Retained earnings8,845,000Treasury stock, at cost; 3,800 common shares(41,800)Total shareholders' equity$13,335,000

During 2021, several events and transactions affected the retained earnings of Consolidated Paper.

Required:

1.Prepare the appropriate entries for these events.

1. On March 3, the board of directors declared a property dividend of 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $962,000). The investment shares had a fair value of $4 per share and were distributed March 31 to shareholders of record March 15.
2. 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.
3. On July 5, a 3% common stock dividend was declared and distributed. The market value of the common stock was $11 per share.
4. On December 1, the board of directors declared the 7.5% cash dividend on the 88,000 preferred shares, payable on December 28 to shareholders of record December 20.
5. 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.