Exercise $18-23($Static$)$ Transactions affecting retained earnings; financial statement effects $[$LO$18-6,18-7,18-8]$ The balance sheet of Consolidated Paper, Incorporated, included the following shareholders$$ equity accounts at December $31,2023$: Paid$-$in capital:$$Preferred stock, $8\mathrm{.}8\%,90,000$ shares at $$1$ par$ $90,000$Common stock, $364,000$ shares at $$1$ par$364,000$Paid$-$in capital$$excess of par, preferred$1,437,000$Paid$-$in capital$$excess of par, common$2,574,000$Retained earnings$9,735,000$Treasury stock, at cost; $4,000$ common shares$(44,000)$Total shareholders' equity$ $14,156,000$ During $2024,$ several events and transactions affected the retained earnings of Consolidated Paper. Required: Note to Mason $332$ students: to save you time, for transactions $3,8,$ and $11,"$No journal entry required" is the correct response.$$ Prepare the appropriate entries for these events: On March $3,$ the board of directors declared a property dividend of $240,000$ shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment $($book value: $$700,000).$ 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 $$11$ per share.On July $5,$ a $2\%$ common stock dividend was declared and distributed. The market value of the common stock was $$11$ per share.On December $1,$ the board of directors declared the $8\mathrm{.}8\%$ cash dividend on the $90,000$ preferred shares, payable on December $28$ to shareholders of record December $20.$On December $1,$ the board of directors declared a cash dividend of $$0\mathrm{.}50$ per share on its common shares, payable on December $28$ to shareholders of record December $20.$ Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Incorporated, at December $31,2024.$ Net income for the year was $$810,000.$