I n January 1, 2020, Skysong Corporation had $2,110,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,200,000. The company issued 205,000 shares of common stock at $12 per share on July 1. On December 15, he board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. he market value of Skysong Corporation stock was $ 15 per share on December 15 and $16 per share on December 31. Net income or 2020 was $530,000. (a 1) our Answer Correct Answer I l Your ans - r is partially correct. : I I Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. if no entry is required, select \"No Entry" for the account tides and enter 0 for the amounts. List all debit entries before credit entries. Reoordjournai entries in the order presented in the problem.) Date Aooount Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit July 1 v Cash 2460000 Common Stock 2050000 Paid-in Capital in Excess of Par-Common Stock 410000 Dec. 15 v Common Dividends Payable 936,000 Common Stock Dividends Distributable 624000 Paid-in Capital in Excess of Par-Common Stock 312,000Prepare the stockholders' equity section of the balance sheet for Skysong Corporation at December 31, 2020. SKYSONG CORPORATION Balance Sheet (Partial) tov V