Zippo Corporation stockholders' equity consisted of the following on January $1,2016$: Stockholders' Equity Paid$-$in capital Capital stock $6\%$ Preferred stock, $$100$ par value, cumulative, $50,000$ shares authorized, $30,000$ shares issued and outstanding $ $3,000,000$ Common stock, no par, $$20$ stated value, $1,000,000$ shares authorized, $500,000$ shares issued and outstanding $10,000,000$ Total capital stock $13,000,000$ Additional paid$-$in capital In excess of par value$-$preferred $$300,000$ In excess of stated value$-$common $600,000900,000$ Total paid$-$in capital $13,900,000$ Retained earnings $($Note A$)$ Total stockholders' equity $4,100,000$ $$18,000,000$ Note A: Preferred dividends are in arrears for $2015.$Journalize the following information: May $12$ declared a $10\%$ stock dividend on the common stock, payable on June $15,$ to stockholders of record on May $31.$ The market value of Zippo corporations common stock was $$40$ per share.