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Carla Vista Co. has had 4 years of record earnings. Due to this success, the market price of its 500,000 shares of $4 par value common stock has increased from $14 per share to $55. During this period, paid-in capital remained the same at $6,000,000. Retained earnings increased from $4,500,000 to $30,000,000. CEO Don Ames is considering either (1) a 15% stock dividend or (2) a 2-for-1 stock split. He asks you to show the before-and-after effects of each option on (a) retained earnings, (b) total stockholders' equity, and (c) par value per share. (a) 1. Stock dividend - retained earnings 25,875,000 2. 2-for-1 stock split - retained earnings 1 30,000,000 (b) Carla Vista Co. Original Balance After Dividend After Split Paid-in capital 2,000,000 6,125,000 2,000,000 Retained earnings 30,000,000 7 25,875,000 30,000,000 Total stockholder's equity 32,000,000 32,000,000 32,000,000 Shares outstanding 500,000 T 575,000 T 1,000,000