$6.$ Brief Exercise $18-13($Algo$)$ Stock dividend $[$LO$18-8]$

On June $13,$ the board of directors of Slewert Incorporated declared a $5\%$ stock dividend on its $40$ milion, $$1$ par, common shares, to be distributed on July $1.$ The market price of Slewert common stock was $$15$ on June $13.$

Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.

Note: If no entry is requlred for a transaction$/$event$,$ select, $"$No Journal entry requlred" In the first account fleld, Enter your answers In millions $($l$.$e$.,10,000,000$ should be entered as $10).$

Answer is not complete.

$\backslash$table$[[$No$,$Event,,General Journal,,Debit,Credit$],[1,1,$Retained earnings,,Q$,30,000,000,],[,,$Common stock,,$18,,2,000,0008$