The shareholders equity section of Jaspers balance sheet included the following accounts and amounts at December 31, 2023:

Shareholders Equity
Paid-in capital:
Preferred stock, 8%, 110,000 shares at $1 par	$110,000
Common stock, 1,220,000 shares at $1 par	$1,220,000
Paid-in capital-excess of par, preferred	$4,400,000
Paid-in capital-excess of par, common	8,540,000
Retained earnings	28,400,000
Treasury stock, at cost, 20,000 common shares	(200,000)
Total shareholders equity	$42,470,000

During 2024, Jasper engaged in the following transactions:

March 1 - The Board of Directors declared a cash dividend of $0.50 per share on its outstanding common stock, payable on April 1 to shareholders of record on March 15. April 1 - Paid the cash dividend that was declared on March 1. April 15 - The Board of Directors declared a property dividend of 100,000 shares of Leonard Common Stock that Jasper had purchased in as an investment in January for $900,000. The investment shares had a fair value of $8 per share on April 15 and were distributed on May 8 to shareholders of record on April 15. May 8 - The property dividend declared on April 15 was distributed. June 12 - The Board of Directors declared and distributed a 50% stock dividend on the common stock. The market value of the $1 par common stock was $20 per share. October 1 - The Board of Directors declared the 8% cash dividend on the preferred shares, payable on November 1 to shareholders of record on October 15. November 1 - The preferred dividend declared on October 1 was issued. December 1 - Sold all the common treasury stock for $8 per share. December 31 - Net income for the year ended December 31, 2024, was $8,000,000.

INSTRUCTIONS: From the foregoing information, prepare all required journal entries in 2024. Show all computations.