Winger Corporation owned 600,000 shares of Fegan Corporation stock. On December 31, 2014, when Winger's account Equity Investments (Fegan Corporation) had a carrying value of $5 per share, Winger distributed these shares to its stockholders as a dividend. Winger originally paid $8 for each share. Fegan has 2,000,000 shares issued and outstanding, which are traded on a national stock exchange. The quoted market price for a Fegan share was $7 on the declaration date and $9 on the distribution date.