On January 1, 2020, BeatBox Corporation had $2,020,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,080,000. The organization issued 245,000 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 BeatBox Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $545,000.

(a1)

Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15.