Madrid Corporation has 12,000 shares of $40 par common stock outstanding. On June 8, Madrid Corporation declared a 2% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $49 per share on June 8.

Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.