On June $13,$ the board of directors of Siewert Incorporated declared a $5\%$ stock dividend on its $40$ million, $$2$ par, common shares, to be distributed on July $1.$ The market price of Siewert common stock was $$18$ on June $13.$

Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$