On January $1,2020,$ Kingbird Corporation had $$2,000,000$ of $$10$ par value common stock outstanding that was issued at par and

retained earnings of $$1,000,000.$ The company issued $210,000$ shares of common stock at $$12$ per share on July $1.$ On December $15,$

the board of directors declared a $15\%$ stock dividend to stockholders of record on December $31,2020,$ payable on January $15,2021.$

The market value of Kingbird Corporation stock was $$15$ per share on December $15$ and $$16$ per share on December $31.$ Net income

for $2020$ was $$500,000.$