Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,600 shares of...
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Accounting
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,600 shares of GE common stock that Adams had purchased in February for $60,800 as an investment. GEs shares had a market value of $36 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates.
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