Skysong Corporation's stockholders' equity section at December 31, 2019 appears below: Stockholder's equity Paid-in capital Common stock, $10 par, 58,000 outstanding $580,000 Paid-in capital in excess of par 150,000 Total paid-in capital Retained earnings Total stockholder's equity $730,000 155,000 $885,000 On June 30, 2020, the board of directors of Skysong Corporation declared a 20% stock dividend, payable on July 31, 2020, to stockholders of record on July 15, 2020. The fair value of Skysong Corporation's stock on June 30, 2020, was $16. On December 1, 2020, the board of directors declared a 2 for 1 stock split effective December 15, 2020. Skysong Corporation's stock was selling for $20 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $186,000 and there were no cash dividends declared.