ZIP Company owns 31,000 shares of the common stock of PIK Company ZIP decided to divest itself of this investment by distributing the PIK shares in the form of a property dividend. The dividend ratio is one share of PIK for every four shares of ZIP common held by shareholders. ZIP has 124,000 common shares outstanding. On April 15, 2021, the date of declaration PIK stock had a par of $5 per share, a book value of $111 per share, and a fait value of $161 per share. Required: Prepare any necessary journal entries. The shares were distributed on May 15, 2021, to stockholders of record on May 1, 2021. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet