Hayley's Optical has a stockholders' equity account as shown below. The firm's common stock currently sells for $20 per share.

Preferred Stock $500,000

Common Stock (2,000,000 shares @ $1 par)2,000,000

Paid-in-capital in excess of par10,000,000

Retained earnings11,600,000

Total stockholders' equity$24,100,000

Recast the partial balance sheet (the stockholder's equity accounts) to show independently a stock dividend of 5% on the common stock.