Question: The Clark Corporation declared a property dividend payable from its investment in General Motors stock. The stock is carried on the books at $5,000 but

The Clark Corporation declared a property dividend payable from its investment in General Motors stock.

The stock is carried on the books at $5,000 but has a market value of $7,000. It also declares a liquidating dividend of $12,000.

Required:

Prepare the entries at the declaration date for both of these dividends.

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