Question: On November 1 , 2 0 1 6 , the Cranberry Construction Company declared a property dividend payable in the form of bonds held for

On November 1,2016, the Cranberry Construction Company declared a property dividend payable in the form of bonds held for long-term investment purposes. The bonds will be distributed to the common stockholders on December 15,2016. The bonds to be distributed to the common stockholders originally cost Cranberry $210,000. Fair values of the bonds on various dates are as follows:
December 31,2015$220,000
November 1,2016235,000
December 15,2016225,000
Prepare required journal entries to record the property dividend

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