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Prepare the journal entries to record the property dividend

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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. 

Reference no: EM131002295

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