The balance sheet of Consolidated Paper, Incorporated, Included the following shareholders" equity accounts at December $31,2023$: Journal entry worksheet

Record any necessary adjustments to the Equity securities account as a result

of the property dividend declaration.

Nate: Enter debits before credits. Required $2$

Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December $31,2024.$ Net

income for the year was $$890,000.$

Note: Negative amounts should be indicated by a minus sign.

During $2024,$ several events and transactions affected the retained earnings of Consolidated Paper.

Required:

Prepare the approprlate entries for these events:

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

falr 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 $7\mathrm{.}0\%$ 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\mathrm{.}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 for Consolidated Paper, Incorporated at DecPrepare the appropriate entries for these events.

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 $7\%$ 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\mathrm{.}60$ per share on its common shares, payable on December $28$ to shareholders of record December $20.$

Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December $31,2024.$ Net income for the year was $$890,000.$