The board of directors of Milligan Company has decided to dispose of an unneeded parcel of land through a property dividend to their shareholders. Individual homesites have been identified on the land, and those individual sites will be deeded to the shareholders in proportion to their stock holdings. On December 31, 2013, the board of directors declares the property dividend. The land is to be officially deeded to the shareholders as of January 15, 2014 (i.e., payment date). The board estimates the land to be worth approximately $200,000 on December 31, 2013. The book value of the land prior to the declaration is $175,000. On January 5, 2014, however, the city of Green Valley announces that the adjoining land will become the home of a new recreational area, which will cause the value of the Milligan land to increase in value by an additional $100,000. Prepare below journal entries to record the declaration of the property dividend on December 31, 2013 and the payment of the dividend on January 15, 2014. The Milligan Company has a December 31 year-end