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Am12. Amy Company declared a property dividend of 20,000 shares of its investment in $1 par North Company stock. The North stock was purchased for
Am12. Amy Company declared a property dividend of 20,000 shares of its investment in $1 par North Company stock. The North stock was purchased for $4 per share. The fair value of North stock was $10 per share on the declaration date of the property dividend and $12 per share on the distribution date. What is the amount of the dividend?
1. 200,000
2. 20,000
3. 240,000
4. 80,000
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