Current Attempt in Progress

Oriole Corporation owns shares of Klank Ltd that are classified as part of Oriole's trading portfolio and accounted for using the fair value through net income model. At June $30,2024,$ the securities were carried in Oriole's accounting records at their cost of $$940,000,$ which equaled their fair value. On October $1,2024,$ when the securities fair value was $$1,052,000,$ Oriole declared property dividends that will result in Klank's securities being distributed on November $15,2024$ to the shareholders of record on November $1,2024.$

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 $O$ 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$)$

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