Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,900 shares of GE common stock that Adams had purchased in February for $87,400 as an investment. GEs shares had a market value of $44 per share on the declaration date.

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

1. Record adjustment of stock to fair value
2. Record JE for declaration date
3. Record JE for payment date