ZIP Company owns 48,000 shares of the common stock of PlK Company. ZlP decided to divest itself of this investment by distributing the PlK shares in the form of a property dividend. The dividend ratio is one share of PlK for every four shares of ZlP common held by shareholders. ZIP has 192,000 common shares outstanding. On April 15, 2016, the date of declaration, PlK stock had a par value of $5 per share, a book value of $12.8 per share, and a market value of $17.8 per share. Required: Prepare any necessary journal entries. The shares were distributed on May 15, 2016, to stockholders of record on May 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1 2 3 4 Record appreciation of investment. Date General Journal Debit Credit April 15, 2016 *Enter debits before credits done clear entry record entry