Sunland Corporation has outstanding 517,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for Sunland Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

Declaration Date

Retained Earnings 1,602,700

Paid-in Capital in Excess of Par - Common Stock 1,344,700

Common Stock Dividend Distributable 258,000

Distribution Date

Common Stock Dividend Distributable 258,000

Common Stock 258,000

Is this correct?