TPL had purchased 50,000 shares during the year of Whitewater Rapids Limited (WRL) for a total purchase value, as at December 20 of $350,000 (account: Investments in equities) appropriately accounted for and this entry need not be made in your answer. This purchase did not constitute either significant influence or control over WRL and TPL has not adopted fair valuation of Financial instruments. On December 31, when WRL shares were trading at $9.50 per share and as provided in the Articles of Incorporation, TPL declared a property dividend of all WRL shares distributable to the preferred shareholders only of TPL. The WRL shares will be distributed on January 15, 2017