York Company declared a land dividend on 6-15-20. The land had a book value of $600,000 and a fair market value of $750,000 on the declaration date. The dividend is payable to owners of record on July 15, 2020. The dividend will be distributed on 9-15-20. 

Required:

1) Prepare the Required Journal entries on 6-15-20 and 8-15-20.