8.Property and cash Dividend: XYZ Company had the following balance Sheet and SSE as of 12/31/15 Assets Cash 320k Property owned in ABC Company (10k shares @ $20/share) 200k Total 520k Common Stock @Par 10k shares at $10/Par 100k Common Stock Paid In In Excess of Par $2/Share $20k Retained Earnings $400k Total 520k On 12/31/15; A property dividend of 10k shares of ABC company was issued to the 10k shareholders at one share per shareholder. The Market value of the shares of ABC Company was $28 per share. A cash dividend of $2.93 was issued to each shareholder of record on 12/31/15. a) Prepare the Journal entries required for the property and cash dividend. b) Prepare the Balance Sheet as of 12/31/15. (After the distribution of the dividends)