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Grouper Inc. owns shares of Monty Corporation stock. At December 31, 2017, the securities were carried in Grouper's accounting records at their cost of $953,000,
Grouper Inc. owns shares of Monty Corporation stock. At December 31, 2017, the securities were carried in Grouper's accounting records at their cost of $953,000, which equals their fair value. On September 21, 2018, when the fair value of the securities was $1,189,000, Grouper declared a property dividend whereby the Monty securities are to be distributed on October 23, 2018, to stockholders of record on October 8, 2018.
Prepare journal entries necessary on those three dates.
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