Windsor Inc. owns shares of Sheridan Corporation stock. At December 31, 2025, the securities were carried in Windsor's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2026, when the fair value of the securities was $1,052,000, Windsor declared a property dividend whereby the Sheridan securities are to be distributed on October 23, 2026, to stockholders of record on October 8, 2026. Prepare all journal entries necessary on those three dates. (List all debit entries before credit 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 O for the amounts. Record entries in the order displayed in the problem statement.) Date Sep. 21 Account Titles and Explanation (To record gain or loss) (To record property dividend) Debit |||| Credit
Windsor Inc. owns shares of Sheridan Corporation stock. At December 31, 2025, the securities were carried in Windsor's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2026, when the fair value of the securities was $1,052,000, Windsor declared a property dividend whereby the Sheridan securities are to be distributed on October 23, 2026, to stockholders of record on October 8, 2026. Prepare all journal entries necessary on those three dates. (List all debit entries before credit 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 O for the amounts. Record entries in the order displayed in the problem statement.) Date Sep. 21 Account Titles and Explanation (To record gain or loss) (To record property dividend) Debit |||| Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sagar
Transcribed Image Text:Windsor Inc. owns shares of Sheridan Corporation stock. At December 31, 2025, the securities were carried in Windsor's accounting
records at their cost of $784,000, which equals their fair value. On September 21, 2026, when the fair value of the securities was
$1,052,000, Windsor declared a property dividend whereby the Sheridan securities are to be distributed on October 23, 2026, to
stockholders of record on October 8, 2026.
Prepare all journal entries necessary on those three dates. (List all debit entries before credit 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 O for the
amounts. Record entries in the order displayed in the problem statement.)
Date
Sep. 21
Account Titles and Explanation
(To record gain or loss)
(To record property dividend)
Debit
Credit
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