Dec 15: The company's board of directors declarded a cash dividend of $5 per share on the outstanding preferred stock. This dividend is payable on January 10 to stockholders of record as of December 31.

Dec 15: The board of directors also declared a 10 percent stock dividend on the outstanding commong stokc. The new shares are to be distributed on Janueary 10 to stockholders of record as of December 1. At the time the dividend was of declared, the common stock had a fair market of $15 per share.

What are the journal entries for these transactions?