Exercise $18-19($Algo$)$ Stock dividend $[$LO$18-8]$

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

Common stock, $$1$ par; authorized, $6$ million shares;

issued and outstanding, $1$ million shares $ $1,000,000$

Paid$-$in capital$$excess of par $4,000,000$

Retained earnings $15,000,000$

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$$ common stock was $$34$ on April $1,2024,$ and $$44$ on June $1,2024.$

Required:

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