Quincy corporation has a single class of common stock outstanding. Matt owns 100 shares, which he purchased six years ago for $73,500. In the current year, when the stock is worth $1,400 per share, Quincy decalres a 5% dividend payable in common stock. On December 10 of the current year, Matt receives five additional shares. On January 30 of the subsequent year, he sells three of the five shares for $12,000. Matt will recognize how much in income when he receives the stock dividend?