IBM transferred to stockholders some of its equity investments costing $1,250,000 by declaring a property dividend on December 28, 2013, to be distributed on January 30, 2014, to stockholders of record on January 15, 2014. At the date of declaration, the securities have a market value of $3,000,000. What journal entries do IBM make at the date of dividends declaration and at the date of dividends payment?

IBM transferred to stockholders some of its equity investments costing $1,250,000 by declaring a property dividend on December 28,2013 , to be distributed on January 30, 2014 , to stockholders of record on January 15, 2014. At the date of declaration, the securities have a market value of $3,000,000. What journal entries do IBM make at the date of dividends declaration and at the date of dividends payment