The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020: 92,000 Paid-in capital: Preferred stock, 7.5%, 92,000 $ shares at $1 par Common stock, 424,200 shares at $1 par Paid-in capital-excess of par, 424,200 1,535,000 preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,200 common shares Total shareholders' equity 2,585,000 9, 145,000 (46,200) $13, 735,000 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 260,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $498,000). The investment shares had a fair value of $2 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 $11 per share. c. On July 5, a 1% common stock dividend was declared and distributed. The market value of the common stock was . d. On December 1, the board of directors declared the 7.5% cash dividend on the 92,000 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 $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20. $11 per share 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc., at December 31, 2021. Net income for the year was $820,000. Complete this question by entering your answers in the tabs below. Required Required 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 Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Record any necessary adjustments to the Equity securities account as a result of the property dividend declaration