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

Common stock, $$1$ par; authorized, $7$ million shares; issued and outstanding, $3$ million shares

Paid$-$in capital$-$excess of par

$$3,000,000$

$12,000,000$

$16,000,000$

Retained earnings

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 $$36$ on April $1,2024,$ and $$46$ on June $1,2024.$

Required:

Prepare the journal entries to record 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.

Journal entry worksheet

$1$

$2$

Record the declaration of the stock dividend.