Stockholders' Equity: Transactions and Statement The stockholders' equity section of Night Corporation's balance sheet at January 1 follows:

Common stock, $4 par value, 300,000 shares authorized, 60,000 shares		240,000
issued, 6,000 shares in treasury
Additional paid-in capital
In excess of par value	360,000
From treasury stock	22,500	382,500
Retained earnings		261,000
		883,500
Less: Treasury stock (6,000 shares) at cost		103,500
Total Stockholders Equity		780,000

The following transactions affecting stockholders equity occurred during the year:

Jan.	8	Issued 15,000 shares of previously unissued common stock for $16 cash per share.
Mar.	12	Sold all of the treasury shares for $21 cash per share.
June	30	Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $19 per share.
July	10	Issued the stock dividend declared on June 30.
Oct.	7	Acquired 2,500 shares of common stock as treasury stock at $20 cash per share.
Dec.	18	Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31.

I am trying to figure out the formula for stock dividends for June 30. I am not sure what I am doing wrong. I thought that it was:

(60000 + 15000) 75000 X 5% X 19 = 71250