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, $2$ million shares

Paid$-$in capital$-$excess of par

Retained earnings

$

$2,000,000$

$8,000,000$

$9,000,000$

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 $$22$ on April $1,2024,$ and $$32$ on June $1,2024.$

Required:

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[0,1,$April $01,2024,$Retained earnings,,$],[,,$Common stock dividends distributable,,$],[,,$Paid$-$in capital $-$ excess of par,,$],[0,2,$June $01,2024,$Common stock dividends distributable,,$],[,,$Common stock,,$]]$