Problem 5 (optional). On January 1, 2016, Kern Corporation had $1,500,000 of common stock outstanding that was issued at par and retained earnings of $750.000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year. Instructions Journalize the declaration of a 15% stock dividends on December 10, 2016 and the payment of the stock dividends on December 31, 2016, for the following two independent assumptions. (a) Par value is $10 and market value is $12. (b) Par value is $5 and market value is $9