As of January 1st Sandpiper Company has 500,000 of Authorized Stocks, has issued 125,000 shares of common stock at $10 par value. The company also has 15,000 shares of treasury stock. On August 30th, the company issued 9,000 shares of stock in exchange for land valued at $60,000 and a patent valued at $50,000. On December 31, Sandpiper declared a cash dividend of $1.50 per share. What is the journal entry for the purchase of the land and patent? What is the journal entry for the dividend paid on December 31st?

PS: with how you got each value. Thanks