Explanation:
The journal entries are as follows:
1. Retained earnings Dr $3,305,100 (479,000 shares × $69 × 100%)
To Paid-in capital in excess of par $2,826,100
To Common stock $479,000 (479,000 shares × $10 × 100%)
(Being the date of declaration is recorded)
2. Common stock dividend distributable Dr $479,000
To Dividend payable $479,000
(Being the date of distribution is recorded)