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Some of the account balances of Vos Limited at December 31, 2019 are as follows: $4 Preferred shares (2,500 shares authorized, 2,500 shares issued and outstanding) $530,000 Common shares (unlimited authorized, 49,000 shares issued and outstanding) 560,000 Contributed surplus 109,000 Retained earnings 796,000 Accumulated other comprehensive income 23,885 The price of the companys common shares has been increasing steadily on the market; it was $23 on January 1, 2020 and advanced to $26 by July 1 and to $29 at the end of 2020. The preferred shares are not openly traded but were appraised at $122 per share during 2020. Vos follows IFRS and had net income of $153,000 during 2020. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders.

(a1) The company declared a property dividend on April 1. Each common shareholder was to receive one share of Waterloo Corp. for every 10 shares outstanding. Vos had 8,500 shares of Waterloo (2% of the outstanding shares), and had purchased them in 2015 for $69,530. The shares are accounted for using the FV-OCI model. The accumulated other comprehensive income relates only to these shares. The fair value of the Waterloo shares was $18 per share on April 1. The property dividend was distributed on April 21 when the fair value of the Waterloo shares was $19.50. The Waterloo shares remained at a fair value of $19.50 until year end. Prepare the journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit Apr. 1 (To record fair value adjustment) Apr. 1 (To record declaration of property dividend) Apr. 1 (To reclassify holding gain) Apr. 21

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