On December 31, 2018, Fra-gee-lay Corp has 150,000 common stock shares authorized, 82,500 common stock shares issued, and 70,000 common stock shares outstanding. The par value of the common stock is $0.50. Use the above information to answer the following question.

Fra-gee-lay Corp issues a 65% common stock dividend on March 10, 2019, what is the journal entry recorded on this date? The market value of the stock on March 10, 2019 just before the stock dividend is equal to $35 per share. Write NONE if no journal entry is required.