On January 1, 2020, Sandhill Corporation had $1,125,000of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued40,500shares of common stock at par on July 1 and earned net income of $395,000for the year.

Journalize the declaration of a15% stock dividend on December 10, 2020, for the following independent assumptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

a.Par value is $10, and market price is $18.b.Par value is $5, and market price is $20.