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On 1 January 2016, Melvern's Corporation has a Non-Trading (Available sale) investment in 5,000 shares of Wallace Company ordinary shares with fair market value of
On 1 January 2016, Melvern's Corporation has a Non-Trading (Available sale) investment in 5,000 shares of Wallace Company ordinary shares with fair market value of exist218,000. These shares are used during 2016 in a property dividend to of Melvern's. The property dividend is declared on May 25, 2016 and scheduled distributed on July 31, 2016 to shareholders of record on June 15, The market value per Wallace share is exist63 on May 25, exist66 on and exist68 on July 31. Calculate the net effect of this property dividend on the retained earnings of corporation
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