Homework Answers
The gain will be computed considering the market price of the investment on the date of declaration of the property dividend.
Gain on disposal = 200,000 x ($4.20 - $4) = $200,000 x $0.20 = $40,000
Answer: Option d. $40,000
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Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
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