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Waterway Industries owned 18600 shares of Pharoah Company purchased in 2017 for $511500. On December...

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Accounting

Waterway Industries owned 18600 shares of Pharoah Company purchased in 2017 for $511500. On December 15, 2020, Waterway declared a property dividend of all of its Pharoah Company shares on the basis of one share of Pharoah for every 10 shares of Waterway common stock held by its stockholders. The property dividend was distributed on January 15, 2021. On the declaration date, the aggregate market price of the Pharoah shares held by Waterway was $898000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of

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