Question no 3: 6 Marks On January 1, 2005, Alfred 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 100,000 shares of common stock at $13 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2005, payable on January 15, 2006. The market value of Alfred Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2005 was $500,000. Instructions: (1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (2) Prepare the stockholders' equity section of the balance sheet for Alfred Corporation at December 31, 2017