Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common

Question:

Adams Moving and Storage, a family-owned corporation, declared a property of 1,000 shares of GE that Adams had purchased in February for $37,000 as an investment. GE's shares had a market value of $35 per share on the declaration date. Prepare the journal entries to record the property on the declaration and payment dates.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...