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The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity
accounts at December 31, 2017: During 2018, several events and transactions affected the
retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these
events. a. On March 3 the board of directors declared a property dividend of 245,000 shares of
Leasco International common stock that Consolidated Paper had purchased in January as an
investment (book value: $962,000 ). The investment shares had a fair value of $4 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 $11 per share. c. On July 5 a 3% common
stock dividend was declared and distributed. The market value of the common stock was $11 per
share. d. On December 1 the board of directors declared the 7.5% cash dividend on the 88,000
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 $0.60 per share on its common
shares, payable on December 28 to shareholders of record December 20. 2. Prepare the
shareholders' equity section of the balance sheet for Consolidated Paper, Inc,, at December 31,
2018. Net income for the year was $780,000.
Complete this question by entering your answers in the tabs below. Prepare the appropriate
entries for these events. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.) Journal entry worksheet Record any necessary adjustments
to the Leasco International stock account as a result of the property dividend declaration. Note:
Enter debits before credits.
Complete this question by entering your answers in the tabs below. Prepare the shareholders'
equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net
income for the year was $780,000. (Negative amounts should be indicated by a minus sign.)

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The balance sheet of Consolidated Paper, Inc., included the following.pdf

  • 1. The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: During 2018, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these events. a. On March 3 the board of directors declared a property dividend of 245,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $962,000 ). The investment shares had a fair value of $4 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 $11 per share. c. On July 5 a 3% common stock dividend was declared and distributed. The market value of the common stock was $11 per share. d. On December 1 the board of directors declared the 7.5% cash dividend on the 88,000 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 $0.60 per share on its common shares, payable on December 28 to shareholders of record December 20. 2. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc,, at December 31, 2018. Net income for the year was $780,000. Complete this question by entering your answers in the tabs below. Prepare the appropriate entries for these events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record any necessary adjustments to the Leasco International stock account as a result of the property dividend declaration. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. at December 31, 2018. Net income for the year was $780,000. (Negative amounts should be indicated by a minus sign.)