The shareholders' equity section of Harper's balance sheet included the following accounts and amounts at December 31, 2018 Shareholders' Equity Paid-in capital Preferred stock, 8%, 100,000 shares at $1 par Common stock, 1,200,000 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common $100,000 1,200,000 4,000,000 8,400,000 28,400,000 (100,000) $42,000,000 Retained earnings Treasury stock, at cost, 10,000 common shares Total shareholders' equity During 2019, Harper engaged in the following transactions The Board of Directors declared the 8% cash dividend on the preferred shares, payable on Aprl 1 to shareholders of record on March 15 Paid the preferred cash dividend that was declared on March 1. The Board of Directors declared a property dividend of 100,000 shares of Leonard common stock that Harper had purchased in as an investment in January for $800,000. The investment shares had a fair value of $10 per share on April 15 and were distributed on May 8 to shareholders of record on April 25 The property dividend declared on April 15 was distributed Sold all of the common treasury stock for $8 per share The Board of Directors declared and distributed a 30% stock dividend. The market value of the $1 par common stock was $20 per share The Board of Directors declared a cash dividend of $1 per share on its outstanding common stock, payable on November 1 to shareholders of record on October 15 March 1 April 1 April 15 May 8 June 1 June 12 October 1 November 1 Paid the cash dividend declared on October 1 December 31 Net income for the year ended December 31, 2019 was $8,000,000 INSTRUCTIONS: From the foregoing information, prepare all required journal entries in 2019 Show all computations