The stockholders' equity of Howell Company at July 31, 2018 is presented below:

Common stock, par value $20$3,600,000

Paid-in capital in excess of par - common stock160,000

Retained earnings10,650,000

Total Stockholders' Equity$14,410,000

On August 1, 2018, the board of directors of Howell declared a 15% stock dividend on common stock, to be distributed on September 15th. The market price of Howell's common stock was $68 on August 1, 2018. Prepare the journal entries for Howell for both the date of declaration and the date of distribution.