The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 7.0%, 91, eee shares at $i par Common stock, 414,100 shares at $i par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,1ee common shares Total shareholders' equity $ 91, eee 414,100 1,525,000 2,575, eee 9,845,000 (41,200) $13,689, 100 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 255,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an Investment (book value: $744,000). 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 $10 per share. c. On July 5, a 1% 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 7.0% cash dividend on the 91,000 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. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net Income for the year was $800,000. Required 1 Required 2 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 March 03 21,000 Investment in equity securities Gain on investments 21.000 2 March 03 Retained earnings 765.000 Property dividends payable 765.000 3 March 15 No journal entry required 4 March 31 785.000 Property dividends payable Investment in equity securities 785.000 5 May 03 102,500 Paid-in capital - excess of par, common Common stock 102.500 6 July 05 Retained earnings 51.250 Common stock Paid-in capital - excess of par, common 5.125 46,125 7 December 01 6,370 Retained earnings Cash dividends payable 6.370 8 December 20 No journal entry required 9 December 28 Cash dividends payable 6.370 Cash 6.370 10 December 01 207.050 Retained earnings Cash dividends payable 207.050 11 December 20 No journal entry required 12 December 28 Cash dividends payable 207.050 Cash 207,050 Required 1 Required 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2021. Net income for the year was $800,000. (Negative amounts should be indicated by a minus sign.) CONSOLIDATED PAPER, INC. [Shareholders' Equity section] December 31, 2021 Paid-in capital: Preferred stook S 91.000 Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par, common Retained earnings Treasury stock Total shareholders' equity 521,725 1.525.000 2.631,375 8.015,330 (41.000) 12,743,430 s