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Property dividends** McQuillan Corp. owns shares of MMM Corp stock classified as Stock Invenstments. 10/1/2022 McQuillan declares a property dividend to be distributed on November

Property dividends**

McQuillan Corp. owns shares of MMM Corp stock classified as Stock Invenstments. 10/1/2022 McQuillan declares a property dividend to be distributed on November 1 to stockholders of record on October 15. Book value of MMM stock 860,000 Current market value of MMM stock 720,000

INSTRUCTIONS: Prepare the journal entries necessary.

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