Oriole Corporation has outstanding, $200,000$ cornmon shares that were issued at $$9$ per share. The balances at January $1\mathrm{.}2023,$ were $$21$ million in its Retained Earning$5$ account: $$4\mathrm{.}10$ million in its Contributed Surplus account: and $$0,90$ million in its Accumulated Other Comprehensive Income account. During $2023,$ Orioles net income was $$3\mathrm{.}100\mathrm{.}000$ and compreherlsive income was $$3,250,000.$ A

a$.$sh dividend of $$0\mathrm{.}70$ per share was declared and paird on June $30,2023,$ and a $3\%$ stock dividend was declared at the fair value of the shares and distributed to shareholders of record at the close of business on December $31,2023.$ Yau have been asked to give advice on how to properly account for the stock dividend. The existing company shares are traded on a national stock exchange. The shares market price per share has boen as follows:

Oct. $31,2023$

Nov. $30,2023$

Dec $31,2023$

Average price ower the two$-$month period

$$29$

$32$

$37$

Prepare a journal entry ta record the cash dividend. $($list dehit entry before credir entry. Credit account billes are dutamoticolly indented when the amount is entered. Do not indent midnually. If no entry is required, select $"$No Entry" for the account nilles and enter of or the arnounts.$)$

Account Titles and Explanation

Debit

Credit