Cole Inc Owns Shares Of Marlin Corporation Stock Classified As

Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2010, the available-for-sale securities were carried in Cole’s accounting records at their cost of $875,000, which equals their market value. On September 21, 2011, when the market value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2011, to stockholders of record on October 8, 2011. Prepare all journal entries necessary on those three dates.

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