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Would you mind to help me answer question 1,2,3? Kilmister Corporation owns 5,000 bonds of Lemmy Company. The investment in bonds cost $5,200,000 and is

Would you mind to help me answer question 1,2,3? image text in transcribed
Kilmister Corporation owns 5,000 bonds of Lemmy Company. The investment in bonds cost $5,200,000 and is now worth $5,600,000. Kilmister has a balance in its common stock account of S600,000 (360,000 shares with a par value of $10 per share). Kilmister is currently holding 10 shares of common in treasury stock. Kilmister declares a property dividend whereby stockholders will receive 1 bond (of Lemmy Company) for each 100 shares of stock held. 1. How many bonds will be issued in this transaction? 2. Prepare the journal entries necessary at the date of declaration. . Prepare the journal entry necessary when the bonds are distributed to the stockholders

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