Giraldi Corporation's stockholders' equity section at December 31, 2013, appears below:

Stockholder's equity
Paid-in capital
Common stock, $10 par, 60,000 outstanding	$600,000
Paid-in capital in excess of par	162,500
Total paid-in capital	$762,000
Retained earnings	150,000
Total stockholder's equity	$912,500

On June 30, 2014, the board of directors of Giraldi Corporation declared a 15% stock dividend, payable on July 31, 2014, to stockholders of record on July 15, 2014. The fair value of Giraldi Corporation's stock on June 30, 2014, was $16.

On December 1, 2013, the board of directors declared a 2 for 1 stock split effective December 15, 2014. Giraldi Corporation's stock was selling for $18 on December 1, 2014, before the stock split was declared. Par value of the stock was adjusted. Net income for 2014 was $230,000 and there were no cash dividends declared.