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On March 1, 2019, the board of directors of Webber declared a property dividend consisting of corporate bonds of Avery Corporation that Webber was holding
On March 1, 2019, the board of directors of Webber declared a property dividend consisting of corporate bonds of Avery Corporation that Webber was holding as an investment. The bonds had a fair value of $70,000, but were purchased two years previously for $75,000. Because they were intended to be held to maturity, the bonds had not been previously adjusted. The property dividend was payable to shareholders of record March 13, to be distributed April 5. Prepare the journal entries for March 1 and April 5. Please label March 1 and April 5 and write journal entries in proper format. Use the complete account title
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