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Question 14: The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2010: ($ in...

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Question 14: The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts at December 31, 2010: ($ in millions) Paid-in capital: Preferred stock, 8.8%, 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 2011, 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 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. 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 2% 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 8.8% cash dividend on the 90,000 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 $.50 per share on its common shares, payable on December 28 to shareholders of record December 20. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.) Events General Journal Debit Credit a. March 3 - declaration date
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March 15 - date of record March 31 - payment date b. c. d. December 1 - declaration date December 20 - date of record December 28 - payment date e. December 1 - declaration date December 20 - date of record December 28 - payment date (2) Prepare the shareholders' equity section of the balance sheet for Consolidated Paper, Inc. for the year ended at December 31, 2011. Net income for the year was $810,000. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.) Paid-in capital: Preferred stock $ Common stock Paid-in capital - excess of par, preferred Paid-in capital - excess of par, common Retained earnings Treasury stock Total shareholders' equity $
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Question 14:
The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts at
December 31, 2010:
($ in millions)
Paid-in capital:
Preferred stock,
8.8%,...

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