Crane Corporation owns shares of Raccoon Company that are classified as part of Crane's trading portfolio and accounted for using the fair value through net income model. At December $31,2024,$ the securities were carried in Crane's accounting records at their cost of $$394,000,$ which equaled their fair value. On November $1,2025,$ when the securities fair value was $$442,000,$ Crane declared property dividend that will result in Raccoon's securities being distributed on December $15,2025$ to the shareholders of record on December $1,2025.$

Prepare the journal entries for all three dates. $($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 $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record fair value adjustment$)$