To reduce its stock price, Shriver Food Systems, Inc. declared and issued a 100 percent stock dividend. The company has 860,000 shares authorized and 260,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Record the declaration of a 100 percent stock dividend on the 260,000 shares of stock outstanding with a par value of $1 per share.