Concord Corporation, a public company following IFRS has $65,000$ common shares outstanding. Concord declared a property dividend on April $1,2020.$ Each common shareholder was to receive one share of Zooloo Corp. for every $5$ shares outstanding. Concord had $13,000$ shares of Zooloo $(2\backslash \%$ of the outstanding shares$)$ and had purchased them in $2015$ for $\backslash (\backslash$$ $104,000\backslash ).$ The shares are accounted for using the FV$-$OCI model. The accumula Cullumber Corporation, a public company following IFRS has $42,000$ common shares outstanding. Cullumber declared a property

dividend on April $1,2023.$ Each common shareholder was to receive one share of Zooloo Corp. for every $5$ shares outstanding.

Cullumber had $8,400$ shares of Zooloo $(2\%$ of the outstanding shares$)$ and had purchased them in $2018$ for $$67,200.$ The shares are

accounted for using the FV$-$OCI model. The accumulated other comprehensive income account has a balance of $$16,800$ relating only

to the Zooloo shares. The fair value of the Zooloo shares was $$11$ per share on April $1,2023.$ The property dividend was distributed on

April $21,2023.$

$($a$)$

Prepare the journal entries for these events and transactions. $($List all debit entries before credit entries. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $O$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record fair value adjustment$)$

$($To record declaration of property dividend$)$

$($To record distribution of property dividend$)$ted other comprehensive income account has a balance of $\backslash (\backslash$$ $26,000\backslash )$ relating only to the Zooloo shares. The fair value of the Zooloo shares was $\backslash (\backslash$$ $11\backslash )$ per share on April $1,2020.$ The property dividend was distributed on April $21,2020./$r$/$n Prepare the journal entries for these events and transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)/$r$/$n Prepare any reclassification entry needed at the end of the reporting period concerning the Zooloo share investment. $($Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$