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

Common stock, $1 par; authorized, 5 million shares; issued and outstanding, 1 million shares$ 1,000,000Paid-in capitalexcess of par4,000,000Retained earnings8,000,000

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 $20 on April 1, 2024, and $30 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 Note: Enter debits before credits. Journal entry worksheet Record the distribution of the stock dividend. Note: Enter debits before credits