Mallard Inc owns shares of Oakwood Corporation that are classified as Mallard 's fair value through net income (FV NI) investment portfolio and accounted for using the FV NI model At December 31, 2016, the securities were carried in Mallard 's accounting records at their cost of $850,000, which equ...

Sep 21 FVNI Investments 450000 Investment Income ...

Mallard Inc. owns shares of Oakwood Corporation that are classified as Mallard's fair value through net income

Question:

Mallard Inc. owns shares of Oakwood that are classified as Mallard's fair value through net income (FV-NI) investment and accounted for using the FV-NI model. At December 31, 2016, the securities were carried in Mallard's accounting records at their cost of $850,000, which equalled their fair value. On September 21, 2017, when the securities' fair value was $1.3 million, Mallard declared a property that will result in the Oakwood securities being distributed on October 23, 2017 to shareholders of record on October 8, 2017. Prepare all necessary journal entries for the three dates.
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