On October $15,2024,$ a $5\%$ stock dividend was declared and distributed. The fair value of the common stock on this date was $$32\mathrm{.}5$ per share. Fractional share rights represented $100,000$ shares. Cash was paid in lieu of issuing fractional share rights. On the date of declaration and payment, the company had $10\mathrm{.}5$ million shares of common stock outstanding. The par of the common shares was $$5$ per share.

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Prepare any necessary journal entries to record the above events.

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