On November 1, 2016, the Cranberry Construction Company declared a property dividend payable in the form of bonds held for long-term investment purposes. The bonds will be distributed to the common stockholders on December 15, 2016. The bonds to be distributed to the common stockholders originally cost Cranberry $210,000. Fair values of the bonds on various dates are as follows:

Dec 31, 2015 : 220,000

Nov 1, 2016 : 235,000

Dec 15, 2016 : 225,000

Which of the following amounts should be used to record the appropriate credit to Property Dividends Payable?

a. 210,000

b. 220,000

c. 235,000

d. 230,000