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The shareholders equity of Core Technologies Company on June 3 0 , 2 0 2 3 , included the following: Common stock, $ 1 par;

The shareholders equity of Core Technologies Company on June 30,2023, included the following:
Common stock, $1 par; authorized, 5 million shares;
issued and outstanding, 2 million shares $ 2,000,000
Paid-in capitalexcess of par 8,000,000
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 $32 on April 1,2024, and $42 on June 1,2024.
Required:
Prepare the journal entries to record the declaration and distribution of the stock dividend.

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