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$3$rief Exercise $18-12($Algo$)$ Property dividend $[$LO$18-7]$

Adams Moving and Storage, a family$-$owned corporation, declared a property dividend of $500$ shares of GE common stock that Adams ad purchased in February for $$13,500$ as an investment. GE's shares had a market value of $$25$ per share on the declaration date.

Prepare the journal entries to record the property dividend on the declaration and payment dates.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Record adjustment of stock to fair value.

Record the journal entry on the declaration date.

Record the journal entry on the payment date.

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