Rice Corporation has a stock purchase plan with the following provision. Each full-time employee with a minimum of one year's service may acquire from Rice Corporation, its common stock, \(\$ 10\) par, through payroll deductions at \(5 \%\) below the market price on the date selected by the employee for a stock purchase (the exercise date). The exercise decision must be made within one year from the payroll deduction date.

Employee Adams signed a payroll deduction agreement form on January 1, 2020, for \(\$ 60\) per month. At that date, the market price of the stock was \(\$ 27\) per share. At the end of 2020 , Adams requested that stock be purchased equal to the amount Adams accumulated as a deposit. At that date, the market price of the stock was \(\$ 25\) per share.

Required 

Prepare the journal entry on December 31, 2020, for the issuance of shares to Adams. The company credited Liability-Employee Stock Purchase Plan at the time of each payroll deduction.