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Prepare necessary adjustment entries on March

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Question - Wilson Automotive Inc. has decided to distribute a portion of its slow-moving inventory to its common stockholders. The carrying value of the inventory is $60,000 and its fair value on the date of dividend declaration is $45,000.

Wilson declared the property dividend on March 1, 2020 to the shareholders on record on April 15, 2020 and distributed the dividend on May 10, 2020.

Prepare necessary adjustment entries on March 1, April 15 and May 10, 2020.

Reference no: EM133095192

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