Jamie Bleay Inc. (JBI) has an at fair value through profit or loss investment in which it owns 200,000 common shares of Richard Ramey Ltd. (RRL). JBI distributes its shareholding in RRL by way of a property dividend. Other information follows:
■ The current book value of the RRL shares is $580,000.
■ The market value of the RRL shares is $600,000.
■ JBI’s capital structure includes 50,000 issued and 40,000 outstanding common shares.
■ The dividend is declared on December 15, 2021, and distributed on December 18, 2021.

Required:
a. Prepare the required journal entries to record the declaration and payment of the dividend in kind assuming that JBI prepares its financial statements in accordance with IFRS.
b. What is the fair market value of the RRL shares that each JBI common shareholder receives?