The balance sheet of Consolidated Paper, Incorporated, included the following shareholders' equity accounts at December 31,2023 : During 2024. several events and transactions affected the retained eamings 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 285,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $828,000 ). 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 25% stock dividend. The market value of the $1 par common stock was $10 per share c. On July 5, a i\% common stock dividend was declared and distributed. The market value of the common stock was $10 per share d. On December 1, the board of directors declared the 8.0% cash dividend on the 97,000 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 Required: 1. Prepare the appropriate entries for these events: a. On March 3, the board of directors declared a property dividend of 285,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $828,000 ). The imvestment 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 25% stock dividend The market value of the $1 par common stock was $10 per share. c. On July 5 , a 1% common stock dividend was declared and distributed. The market value of the common stock was $10 per share d. On December 1, the board of directors declared the 8.0% cash dividend on the 97,000 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 sharehoiders of record December 20 . 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December 31, 2024. Net income for the year was $870,000. Complete this question by entering your answers in the tabs below. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 285,000 shares of Leasco International common stock that Consolldated Paper had purchased in January as an investment (book value: $828,000 ). 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 25% stock dividend. The market value of the $1 par common stock was $10 per share. c. On July 5 , a 1% common stock dividend was declared and distributed. The market value of the common stock was $10 per share. d. On December 1 , the board of directors declared the 8% cash dividenid on the 97,000 preferred shares, payable on December 28 to sharehoiders of record December 20 . e. On December 1 , the board of directors declared a cash dlvidend of $0.60 per share on its common shares, payable on December 28 to thareholders of record December 20 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Journal entry worksheet \begin{tabular}{|ccccccc|} \hline 4 & 5 & 6 & 7 & 8 & & 12 \\ \hline \end{tabular} Record any necessary adjustments to the Equity securities account as a result of the property dividend declaration. Note: Enter debits before credits. Journal entry worksheet 4 5 6 Record the declaration of the property dividend. Note: Enter debits before credits. Journal entry worksheet
