The balance sheet of Consolidated Paper, Inc., included the following shareholders equity accounts at December 31, 2015:

Paid-in capital:
Preferred stock, 7.0%, 99,000 shares at $1 par	$	99,000
Common stock, 494,900 shares at $1 par		494,900
Paid-in capitalexcess of par, preferred		1,605,000
Paid-in capitalexcess of par, common		2,655,000
Retained earnings		9,845,000
Treasury stock, at cost; 4,900 common shares		(58,800	)
Total shareholders' equity	$	14,640,100

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 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 295,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $561,000). 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 $12 per share.
c.	On July 5 a 2% common stock dividend was declared and distributed. The market value of the common stock was $12 per share.
d.	On December 1 the board of directors declared the 7.0% cash dividend on the 99,000 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.

March 03 (a) Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration.

(a) Record the declaration of the property dividend.

March 15 (a) Record the entry on the date of record.

March 31 (a) Record the distribution of the property dividend.

May 03 (b) Record the declaration and distribution of the stock split effected in the form of a stock dividend. Note: Debit Paid-in capital excess of par, common rather than Retained earnings

July 05 (c) Record the declaration and distribution of the stock dividend.

Dec 01 (d) Record entry for cash dividend on preferred stock on date of declaration.

Dec 20 (d) Record the entry on the date of record.

Dec 28 (d) Record the payment of cash dividends to preferred shareholders.

Dec 01 (e) Record the declaration of cash dividends to common shareholders.

Dec 20 (d) Record the entry on the date of record.

Dec 28 (d) Record the payment of cash dividends to common shareholders.

2.	Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2016. Net income for the year was $890,000.

CONSOLIDATED PAPER, INC., [Shareholders' Equity section December 31, 2016 Paid-in capital Total shareholders' equity