On January 1, 2017, Frontier Corporation had $1,480,000 of common stock outstanding that was issued at par. It also had retained earnings of $742,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2017, for the following independent assumptions.

(a) Par value is $10, and market price is $18. (b) Par value is $5, and market price is $21.