Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common
Fantastic news! We've Found the answer you've been seeking!
Question:
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common stock that Adams had purchased in February for $66,300 as an investment. GE’s shares had a market value of $37 per share on the declaration date.
Prepare the journal entries to record the property dividend on the declaration and payment dates.
1. Record adjustment of stock to fair value 2. Record the journal entry on the declaration date 3. Record the journal entry on the payment date |
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date: