The shareholders' equity of Core Technologies Company on June 30, 2017, included the following: Common stock, $1

Question:

The shareholders' equity of Core Technologies Company on June 30, 2017, 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 .......................................................14,000,000
On April 1, 2018, the board of directors of Core Technologies declared a 10% stock on common shares, to be distributed on June 1. The market price of Core Technologies' was $30 on April 1, 2018, and $40 on June 1, 2018.
Required:
Prepare the journal entry to record the declaration and of the stock on the declaration date.
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