Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2013. The purchase price was $1,240,800 for 51,700 shares. Kulikowski Inc. declared and paid an $0.77 per share cash dividend on June 30 and on December 31, 2014. Kulikowski reported net income of $803,700 for 2014. The fair value of Kulikowski