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On January 31, 2016, Leia declared a property dividend to stockholders of record as of February 15, 2016. Leia promised to distribute the property dividend
- On January 31, 2016, Leia declared a property dividend to stockholders of record as of February 15, 2016. Leia promised to distribute the property dividend (an equity investment) on March 1, 2016. As of January 31, 2016, the investment that Leia will distribute had a carrying value of $750,000 and a fair market value of $710,000. On March 1, Leia distributed the equity securities to stockholders of record as of February 15, 2016. Prepare the entries Leia should make on:
- January 31, 2016.
- February 15, 2016.
- March 1, 2016.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
