A company previously issued 90,000 shares of $1 per value common stock at $14 per share. On March 1, the board of directors declares a 5% stock dividend when the market price of the stock is $18 a share.

The stock dividend will be distributed on March 30

Prepare the journal entries for the following transactions:

1. The declaration of the dividend on March 1
2. The distribution of the dividend on March 30

Explanations are not needed.

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