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Adams Moving and Storage, a family-owned corporation, declared a property dividend of 2,000 shares of...

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Accounting

Adams Moving and Storage, a family-owned corporation, declared a property dividend of 2,000 shares of GE common stock that Adams had purchased in February for $94,000 as an investment. GE's shares had a market value of $45 per share on the declaration date.
Prepare the journal entries to record the property dividend on the declaration and payment dates.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
1
3
Record adjustment of stock to fair value.
Note: Enter debits before credits.
\table[[Event,General Journal,Debit,Credit],[1,,,],[,,,],[,,,],[,,,],[,,,]]
View general journal
image

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