The shareholders$$ equity of Core Technologies Company on June $30,2023,$ included the following:

Common stock, $$1$ par; authorized, $8$ million shares; issued and outstanding, $3$ million shares $ $3,000,000$

Paid$-$in capital$$excess of par $12,000,000$

Retained earnings $14,000,000$

On April $1,2024,$ the board of directors of Core Technologies declared a $10\%$ stock dividend on common shares, to be distributed on June $1.$ The market price of Core Technologies$$ common stock was $$30$ on April $1,2024,$ and $$40$ on June $1,2024.$

Required:

Prepare the journal entries to record the declaration and distribution of the stock dividend.