The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2015 Paid-in capital Preferred stock, 8.8%, 90,000 shares at $1 par Common stock, 364,000 shares at $1 par Paid-in capita-excess of par, preferred Paid-in capital-excess of par, common $ 90,000 364,000 1,437,000 2,574,000 9,735,000 (44,000) Retained earnings Treasury stock, at cost, 4,000 common shares Total shareholders' equity $14,156,000 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 240,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value $700,000). 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 c. On July 5 a 2% common stock dividend was declared and distributed. The market value of the common d. On December 1 the board of directors declared the 8.8% cash dividend on the 90,000 preferred shares, e. On December 1 the board of directors declared a cash dividend of $.50 per share on its common shares 25% stock dividend. The market value of the $1 par common stock was $11 per share stock was $11 per share payable on December 28 to shareholders of record December 20 payable on December 28 to shareholders of record December 20 View transaction list Journal entry worksheet |1|2345678 12 (a) Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration