Splendid! 
( Splendid ! )
(ROOT (S (VP (VBN Splendid)) (. !)))
The splendid situation is a birthday party.
( ( The ( splendid situation ) ) ( ( is ( a ( birthday party ) ) ) . ) )
(ROOT (S (NP (DT The) (JJ splendid) (NN situation)) (VP (VBZ is) (NP (DT a) (NN birthday) (NN party))) (. .)))