ACCOUNTING INTERMEDIATE II PRACTICE QUESTIONS:

PLEASE BRIEFLY answer part a and part b

1. TTT Company has securities that cost it $1,250,000. It wants to transfer these securities to its common shareholders as property dividends. The securities are to be distributed on January 31, 2017 to shareholders of record. On January 15, 2017, the date of declaration, the market value of the securities was $2,000,000. Required: a. Provide the journal entries TIT would make on the date of the declaration, January 15 , 2017. b. Provide the necessary journal entries on the date of Distribution, January 31,2017