Encore Industries owned investment securities with a carrying amount of $45 million on August 12. At that time, Encore’s board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:

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Encore Industries owned investment securities with a carrying amount of $45 million on August 12. At that time, Encore’s board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:

A) $0
B) $13 million
C) $15 million
D) $17 million

Answer: B

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