Exerclse $18-23($Static$)$ Transactions affecting retalned earnings; financlal statement effects $[$LO$18-6,187,18-8]$

The baiance sheet of Consolidated Papes, incorporated, inclased the following shanehelders' equity accounts at Deoember $3$n$,2023$

$\backslash$table$[[$Paid$-$in capital$],[$Preferred stock, $\%,$ in$,00,$ est shares at $31$ par,$5$ meln$],[$Comeon stock, $3$es$,$ ent shares ot $81$ par,$394,9$ ase$],[$Paid$-$in capital$-$encess of per, preferred,$5,$ atr, tet$],[$Paid$-$in capital$-$excess of ser, Comen,$2,814,0-],[$Betained Earnings,$],[$Treasury steck, at cost; $4,$ eet comeon shares,$(44,$ ese$)],[$Tetal sharehalders' equity,$114,191,109]]$

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

Fequtred:

$4.$ Prepare the appropriate entries for these events:

a$.$ On Merch $3,$ the boesd of directors deciered a property dividend of $240,000$ wheres of Leasco intemational common stock that Cornstideted Pmper had purchased in Jemuary as an inventment pook value $1700,006,$ The investrient mhares had a fair walue of $$3$ per shave and were distribuhed March $31$ lo shareholders of necond Maich $15.$

b$.$ On May $3,$ a $5-$for$-4$ stock spit was deciared and distrbuted. The stock spit nas effected in the form of a $265$ stock dividend. The maket value of the $$1$ par common stock was $$17$ per shase.

c$.$ n Jily $5,82F$ common stock dividend was declared and dintibutied. The maket watue of the common stock was $$71$ per shave.

d$.$ On December $1,$ the board of directors declared the $8\mathrm{.}15$ cash dividend on the $90000$ prefened whares, peynble on December $28$ to shareholiders of record December $20.$

e$.$ On December $1,$ the board of directors declared a cash dividend of $$0\mathrm{.}50$ per shave on its common shaves, payabie on December $28$ to shareholiders of record December $20.$

$2.$ Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, incorporated, at December $34,2024.$ Net income for the year was $$810,000.$

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

Prepare the appropriate entries for these evenks:

a$.$ On March $3,$ the board of directors declared a property dividend of $240,000$ shares of Leanco Intemational common atodk that. fensnlidated Paper had purchased in Janaary as an investment $($book value: $1700,000).$ The investmant shares had a far value of $$3$ per