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 Common stock, 383,900 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common $89,000 383,900 1,515,000 2,565,000 8,945,000 (46,800) Retained earnings Treasury stock, at cost; 3,900 common shares 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 transactionlevent, 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 C. On July 5 a 3% common stock dividend was declared and distributed. The market value of the common d. On December 1 the board of directors declared the 6.5% cash dividend on the 89,000 preferred shares, e. On December 1 the board of directors declared a cash dividend of $0.40 per share on its common 25% stock dividend. The market value of the $1 par common stock was $12 per share stock was $12 per share payable on December 28 to shareholders of record December 20 shares, payable on December 28 to shareholders of record December 20