Clement Corporation declared a 35% stock dividend on November 1. The shares for this stock dividend were distributed one month later on December 1. The following data were available on November 1 just before the dividend.

Retained earnings $ 750,000 Shares issued and outstanding 60,000 Market value per share $ 15 Par value per share $ 5

Required:

Prepare the journal entries to record the (a) stock dividend declaration on November 1 and (b) stock issuance on December 1.