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

Common stock, $1 par; authorized, 4 million shares; issued and outstanding, 1 million shares	$ 1,000,000
Paid-in capitalexcess of par	4,000,000
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 $24 on April 1, 2024, and $34 on June 1, 2024.

Required:

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