Some of the account balances of Carla Vista Limited at December $31,2022,$ are as follows:

$$6$ Preferred shares $(2,200$ shares authorized, $2,200$ shares issued and outstanding$)$ $$520,000$

Common shares $($unlimited authorized, $48,000$ shares issued and outstanding$),530,000$

Contributed surplus

Retained earnings

$106,000$

$785,000$

Accumulated other comprehensive income

$23\mathrm{.}124$

The price of the company's common shares has been increasing steadily on the market: it was $$22$ on January $1.2023,$ and advanced to $$25$ by July $1$ and to $$28$ at the end of $2023.$ The preferred shares are not openly traded but were appraised at $$121$ per share during $2023.$ Carla Vista follows IFRS and had net income of $$152,000$ during $2023.$ For the purpose of this question, ignore any dividend entitlement to the preferred shareholders.

The company declared a property dividend on April $1.$ Each common shareholder was to receive one share of Sandhill Corp. for every $12$ shares outstanding, Carla Vista had $8,200$ shares of Sandhill $(2\%$ of the outstanding shares$)$ which it had purchased in $2018$ for $$68,962.$ The shares are accounted for using the FV$-$OCI model. The accumulated other comprehensive income relates only to these shares. The fair value of the Sandhill shares was $$17$ per share on April $1.$ The property dividend was distributed on April $21$ when the fair value of the Sandhill shares was $$19\mathrm{.}00.$ The Sandhill shares remained at a fair value of $$19\mathrm{.}00$ until year end.

Prepare the journal entries. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Round answers to $0$ decimal places, es$.5,275,$ Do not round intermediate calculations. Record entries in the order displayed in the problem statement.$)$

Debit

Credit

$($To record fair value adjustment$)$

$($To record declaration of property dividend$)$

$$

$$

$($To reclassify holding gain$)$

$$

$$