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Jindani
Aug 7, 2009, 05:48 PM
On September 20, 2007, Nozzle Corporation declared the distribution of the following
dividend to its stockholders of record as of September 30, 2007:
Investment in 100,000 shares of Astro Corporation stock, carrying value $600,000;
fair market value on September 20, $1,450,000; fair market value on September 30,
$1,575,000.00
The entry to record the declaration of the property dividend would include a debit to
Retained Earnings of
A. $1,575,000. C. $850,000.
B. $1,450,000. D. $600,000