A company reported the following Balance Sheet amounts on January 1, 2019:

Preferred Stock, $8 par, 5%, 2,000 shares issued and outstanding	$16,000
Common Stock, $1 par, 8,000 shares issued and outstanding	$8,000
Additional Paid-in Capital - Common	$32,000
Total Contributed Capital	$56,000
Retained Earnings	$33,000
Total Stockholder's Equity	$89,000

On March 31, 2019 the company declared and distributed a 5% stock dividend on preferred stock when the stock was selling for $14/share.

Write (in good form) the journal entry that would be used to record the distribution of the stock dividend on March 31, 2019.