43 Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 350,000 shares of $12 par value common stock. As of December 31, Year 3, Gilligan's stockholders' equity accounts report the following balances: Common stock, $12 par, 350,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par Common Retained earnings Total stockholders' equity $420,000 70,000 At the end of Year 3, Gilligan decides to issue a 10% stock dividend. At the time of issue, the market price of the stock was $24 per share. What is the number of shares outstanding after the stock dividend is issued?