Adams Moving and Storage, a family$-$owned corporation, declared a property dividend of $2,000$ shares of GE common stock that Adams had purchased in February for $$94,000$ as an investment. GE's shares had a market value of $$45$ per share on the declaration date.

Prepare the journal entries to record the property dividend on the declaration and payment dates.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$3$

Record adjustment of stock to fair value.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$

View general journal