The records of Dixie Corporation showed the following balances on January 1, 2020.

Common stock, $10 par, 30,000 shares issued and outstanding $300,000

Paid-in capital in excess of par 102,000

Retained earnings 200,000

The fair value of its stock is $18 per share.

Dixie Corporation entered the following transactions during 2020.

1. On April 1, 2020, declared a common stock dividend of $45,000. The Corporation announced to shareholders that 70% of the dividend amount was a return of capital. The dividend was paid on April 20, 2020.

2. On November 1, 2020, declared and issued a 10% stock dividend. Required:

Prepare an journal entry for the declaration of dividends and for the payment of dividends.