The balance sheet of Consolidated Paper, Incorporated, included the following shareholders' equity accounts at December 31, 2023: Paid-in capital: Preferred stock, 8.5%, 96,000 shares at $1 par $ 96,000 Common stock, 464,600 shares at $1 par Paid-in capital-excess of par, 464,600 1,575,000 preferred Paid-in capital-excess of par, common 2,625,000 Retained earnings 9,545,000 Treasury stock, at cost; 4,600 common (55,200) shares Total shareholders' equity During 2024, several events and transactions affected the retained earnings of Consolidated Paper. $ 14,250,400 Required: 1. Prepare the appropriate entries for these events: a. On March 3, the board of directors declared a property dividend of 280,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $814,000). 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 $12 per share. c. On July 5, a 3% 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 8.5% cash dividend on the 96,000 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 $0.40 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 December 31, 2024. Net income for the year was $860,000. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 280,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $814,000). 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 $12 per share. c. On July 5, a 3% 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 8.5% cash dividend on the 96,000 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 $0.40 per share on its common shares, payable on December 28 to shareholders of record December 20. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > 1 2 3 4 5678 Record any necessary adjustments to the Equity securities account as a result of the property dividend declaration. Note: Enter debits before credits. Date March 03 12 > General Journal Debit Credit Record entry View general journal Clear entry < Required 1 Required 2 > Show less Journal entry worksheet < 1 2 3 45678 Record the declaration of the property dividend. Note: Enter debits before credits. Date March 03 Record entry 12 > General Journal Debit Credit View general journal Clear entry Journal entry worksheet < 1 2 3 4 5678 > 12 Record the entry on the date of record. Note: Enter debits before credits. Date March 15 Record entry General Journal Debit Credit View general journal Clear entry Journal entry worksheet < 1 2 3 4 5678 Record the distribution of the property dividend. Note: Enter debits before credits. Date March 31 12 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 LO 5 6 7 8 12 > Record the declaration and distribution of the stock split effected in the form of a stock dividend. Note: Enter debits before credits. Date May 03 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet > 1 2 3 4 5 6 78 Record the declaration and distribution of the stock dividend. 12 > Note: Enter debits before credits. Date July 05 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet < 123456 7 8 12 > Record entry for cash dividend on preferred stock on date of declaration. Note: Enter debits before credits. Date December 01 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet 1 2 34567 Record the entry on the date of record. 8 00 12 Note: Enter debits before credits. Date December 20 General Journal Debit Credit > Record entry View general journal Clear entry Journal entry worksheet < 1 ..... 56789 10 11 12 > Record the payment of cash dividends to preferred shareholders. Note: Enter debits before credits. Date December 28 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet < 1 ..... 56789 10 10 11 12 > Record the declaration of cash dividends to common shareholders. Note: Enter debits before credits. Date December 01 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet < 1 ..... 56789 Record the entry on the date of record. 10 10 11 12 > Note: Enter debits before credits. Date December 20 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet < 1 ..... 5678910 11 Record the payment of cash dividends to common shareholders. 12 12 Note: Enter debits before credits. Date December 28 General Journal Debit Credit Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated at December 31, 2024. Net income for the year was $860,000. Note: Negative amounts should be indicated by a minus sign. CONSOLIDATED PAPER, INCORPORATED [Shareholders' Equity section] Paid-in capital: December 31, 2024 Total shareholders' equity $ < Required 1 0 Required 2 > Show less