Grouper Corporation has outstanding 3,015,000 ordinary shares with a par value of $10 each. The balance in its retained earnings account at January 1, 2022, was $24,224,000, and it then had Share Premium of $5,012,000. During 2022, the company's net income was $4,715,000. A cash dividend of $0.50 per share was declared on May 5, 2022, and was paid June 30, 2022, and a 6% share dividend was declared on November 30, 2022, and distributed to shareholders of record at the close of business on December 31, 2022. You have been asked to advise on the proper accounting treatment of the share dividend. The existing shares of the company are quoted on a national securities exchange. The market price of the shares has been as follows. October 31, 2022 $32 November 30, 2022 $35 December 31, 2022 $39