On October 1, 2019, XBC Declared a Dividend to Its

On October 1, 2019, XBC declared a dividend to its common shareholders by issuing one share of YTC, preferred share, $.60 no-par (held as a long-term investment)for each of the 15,000 common shares of XBC.On the declaration date, the YTC shares were selling at $7 per share.The YTC shares originally were purchased by XBC at $9 per share; they were transferred to the XBC shareholders on January 30, 2000, when their quoted market price was $7.50 per share.Give the following entries for XBC:
(a)At date of declaration:
(b)At date of payment:

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(a)At date of declar...

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