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Prepares the journal entry to record property dividend

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Question - The San Francisco Footwear Company owns shares of the San Jose Street Style Company classified as a trading equity investment. On December 31, 2020, the trading equity investment was recorded at its cost of $1,230,000, which equals its fair value. On September 22, 2021, The San Francisco Footwear declared a property dividend whereby the San Jose Street Style Company securities are to be distributed on October 21, 2021, to shareholders of record on October 10, 2021.

The fair value of the investment was $1,350,000 on September 22, 2021, $1,410,000 on October 10, 2021, and 1,390,000 on October 21, 2021.

When the San Francisco Footwear Company prepares the journal entry to record property dividend, which of the following will be recorded?

Reference no: EM133080999

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