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The balance sheet of Consolidated Paper, Inc., included the following shareholders equity accounts at December 31, 2015:

Paid-in capital:
Preferred stock, 8.0%, 85,000 shares at $1 par	$	85,000
Common stock, 353,500 shares at $1 par		353,500
Paid-in capitalexcess of par, preferred		1,475,000
Paid-in capitalexcess of par, common		2,525,000
Retained earnings		8,545,000
Treasury stock, at cost; 3,500 common shares		(38,500	)
Total shareholders' equity	$	12,945,000

During 2016, several events and transactions affected the retained earnings of Consolidated Paper.

Required:

1.	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.)

a.	On March 3 the board of directors declared a property dividend of 225,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $885,000). 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 8.0% cash dividend on the 85,000 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.

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