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

The shareholders' equity of Core Technologies Company on June $30,2020,$ included the following:

On April $1,2021,$ 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 $$26$ on April $1,2021,$ and $$36$ on June $1,2021.$

Required:

Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the

stock dividend.

Complete this question by entering your answers in the tabs below.

Complete the below table to calculate the stock dividend. Complete this question by entering your answers in the tabs below.

Stock Dividend

General

Journal

Prepare the journal entries to record the declaration and distribution of the stock dividend. $($If no entry is required for a

transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

Record the declaration of the stock dividend.

Note: Enter debits before credits.Exercise $18-19($Algo$)$ Stock dividend $[$LO$18-8]$

The shareholders$$ equity of Core Technologies Company on June $30,2020,$ included the following:

Common stock, $$1$ par; authorized, $8$ million shares;

issued and outstanding, $3$ million shares $ $3,000,000$

Paid$-$in capital$$excess of par $12,000,000$

Retained earnings $11,000,000$

On April $1,2021,$ 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$$ common stock was $$26$ on April $1,2021,$ and $$36$ on June $1,2021.$

Required:

Complete the below table to calculate the stock dividend. Prepare the journal entries to record the declaration and distribution of the stock dividend.