The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020: 88,000 Paid-in capital: Preferred stock, 7.5%, 88,000 shares at $1 par Common stock, 383,800 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 3,800 common shares Total shareholders' equity $ 383,800 1,505,000 2,555,000 8,845,000 (41,800) $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. a. 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. 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 3% common stock dividend was declared and distributed. The market value of the common stock was $11 per share. d. 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. 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. 2. Prepare the shareholders' equity section of the balance sheet the year was $780,000. Consolidated Paper, Inc., at December 31, 2021. Net income for