(Answered) 1 laroe moving and storage a family-owned corporation

Accounting

1. LaRoe Moving and Storage, a family-owned corporation, declared a property dividend of 1,000 shares of GE common stock that LaRoe had purchased in February for $37,000 as an investment. GE's shares had a market value of $35 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates.

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