Allred Company has issued 90,000 shares of common stock with a par value of $5. Of the shares issued, 80,000 shares are outstanding. Allred’s board of directors has decided to issue a stock dividend. The current market price of the stock is $30 per share. Provide journal entries to record the issuance of the dividend under each of the following independent circumstances: 1. The dividend is a 20% stock dividend. 2. The dividend is a 30% stock dividend.