Following is the stockholders' equity section as of June $30.$$$1,600,000400,000750,000$$$2,750,000$

On July $1,$ the directors declare a $5\%$ stock dividend distributable on July $31$ to the July $18$ stockholders of record. The stock's market value is $$50$ per share on July $1$ before the stock dividend.

Prepare entries to record both the dividend declaration and its distribution.

Prepare the stockholders' equity section after the stock dividend is distributed. $($Assume no other changes to equity.$)$