Gilligan Corporation was established on February 15 , Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $24 per share. What is the dollar value of the stock dividend issued by Gilligan Corporation