On January 1, 2020, Splish Brothers Corporation had $2,080,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,060,000. 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 Splish Brothers Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $530,000. On January 1, 2020, Splish Brothers Corporation had $2,080,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,060,000. 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 Splish Brothers Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $530,000