Aggie Corp. began operations on 1/1/15 and issued all of its preferred and common shares at that time. The following information pertains to Aggie Corp. for the year ended December 31, 2016 (i.e., year 2 of operations):

Balance Sheet (partial)

Preferred stock, 5% cumulative, $10 par	$400,000
Additional paid-in capital - preferred	800,000
Common stock, $1 par	1,000,000
Additional paid-in capital - common	5,000,000
Treasury stock (50,000 shares)	400,000
Beginning Retained Earnings (1/1/16)	800,000

Additional Information

Net Income for 2016	$5,000,000
Dividends declared and paid on December 31, 2016	250,000

On 6/30/17 Aggie Corp decides to issue a stock dividend of 500,000 shares to its common stock shareholders. On that date, Aggie Corp shares had a market value of $12 per share.

What amount (if any) should be debited to 'Retained Earnings' at the time of this stock dividend?