York Corporation declares a property dividend, payable in bonds of Laurens Company, which are classified as “available for sale.” The bonds are recorded at a fair value of $58,000 (there is a $0 balance in Allowance for change in the Value of Investment in Available-for-Sale Securities), but at the time of the property dividend have a current value of $67,000. Prepare the journal entries to record the declaration of this property dividend.
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