Novak Inc owns share of Splish corporation stock. On December 31, 2020, the securities were carried in Novak accounting records at their cost of $784000 which equals their fair value. On September 21, 2021,21 when the fair value of the securities was $1052000. Novak declared a property dividend whereby the Splish securities were to be distributed on October 23, 2021, to stockholders of record on October 8, 2021.

Prepare all journal entries necessary on those three dates