On September $15,2024,$ the Hanmei Company board of directors declared a $12\%$ stock dividend on common shares. The shares are to be distributed on October $10,2024,$ to shareholders of record on October $1,2024.$ The market price per share on the date of declaration was $$24\mathrm{.}8$ while the market price on the date of distribution was $$26\mathrm{.}8.$ The common stock has a par of $$5$ per share and there were $1,400,000$ shares outstanding prior to the declaration of the stock dividend.

Required:

Prepare any necessary journal entries to record the above transactions.

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

$1.$ Record declaration of common stock dividend

$2.$ Record the entry on date of record

$3.$ Record issuable of common stock dividend