On January 1, 2017, the Black Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,000,000. The company issued 140,000 shares of common stock at $15 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2017, payable on January 15, 2018. The market value of Black Corporation stock was $17 per share on December 15 and $16 per share on December 31. Net income for 2017 was $500,000.