The balance sheet of Consolidated Paper, Incorporated, included the following shareholders' equity accounts at December $31,2023$:

Paid$-$in capital:

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

Required:

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 $8\mathrm{.}5\%$ 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\mathrm{.}40$ 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 $$860,000.$

Complete this question by entering your answers in the tabs below.

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 $8\mathrm{.}5\%$ 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\mathrm{.}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 "The balance sheet of Consolidated Paper, Incorporated, included the following shareholders$$ equity accounts at December $31,2023$:

Paid$-$in capital:

Preferred stock, $8\mathrm{.}5\%,96,000$ shares at $$1$ par $ $96,000$

Common stock, $464,600$ shares at $$1$ par $464,600$

Paid$-$in capital$$excess of par, preferred $1,575,000$

Paid$-$in capital$$excess of par, common $2,625,000$

Retained earnings $9,545,000$

Treasury stock, at cost; $4,600$ common shares $(55,200)$

Total shareholders' equity $ $14,250,400$

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

Required:

Prepare the appropriate entries for these events:

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 $15.$

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.

On July $5,$ a $3\%$ common stock dividend was declared and distributed. The market value of the common stock was $$12$ per share.

On December $1,$ the board of directors declared the $8\mathrm{.}5\%$ cash dividend on the $96,000$ preferred shares, payable on December $28$ to shareholders of record December $20.$

On December $1,$ the board of directors declared a cash dividend of $$0\mathrm{.}40$ 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 $$860,000.$