The stockholders' equity section of the balance sheet for Dairy Heaven Corporation on April $16,2022,$ follows:

$($Click the icon to view the data.$)$

On April $16,2022,$ the market price of Dairy Heaven common stock was $$17$ per share. Dairy Heaven declared and distributed a $25\%$ stock dividend on this date.

Read the requirements.

Requirement $1.$ Journalize the declaration and distribution of the $25\%$ stock dividend. $($Record debits first, then credits. Exclude Journal Entry

$\backslash$table$[[$Date$,,$Accounts,Debit,Credit$],[$April$,16,$Retained Earnings,$3,400,000,],[,$Common Stock,$120,000],[,$Paid$-$in Capital in Excess of Par$-$Common,$3,280,000$