Brief Exercise 18-12 (Algo) Property dividend [LO18-7] Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,400 shares of GE common stock that Adams had purchased in February for $49,000 as an investment. GE's shares had a market value of $33 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. View transaction list Journal entry worksheet < 1 2 3 Record adjustment of stock to fair value. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journ
Brief Exercise 18-12 (Algo) Property dividend [LO18-7] Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,400 shares of GE common stock that Adams had purchased in February for $49,000 as an investment. GE's shares had a market value of $33 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. View transaction list Journal entry worksheet < 1 2 3 Record adjustment of stock to fair value. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journ
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 1MC
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![Brief Exercise 18-12 (Algo) Property dividend [LO18-7]
Adams Moving and Storage, a family-owned corporation, declared a property dividend
of 1,400 shares of GE common stock that Adams had purchased in February for
$49,000 as an investment. GE's shares had a market value of $33 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.
View transaction list
Journal entry worksheet
<
1
2
3
Record adjustment of stock to fair value.
Note: Enter debits before credits.
Event
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f8cdd7d-04d2-4284-af87-ad86818bbb2a%2F991c9bb0-4fd6-4844-81a5-dad5837edda4%2Fwuryfxe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 18-12 (Algo) Property dividend [LO18-7]
Adams Moving and Storage, a family-owned corporation, declared a property dividend
of 1,400 shares of GE common stock that Adams had purchased in February for
$49,000 as an investment. GE's shares had a market value of $33 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.
View transaction list
Journal entry worksheet
<
1
2
3
Record adjustment of stock to fair value.
Note: Enter debits before credits.
Event
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journ
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