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:

Common stock, $6 par, 500,000 shares authorized 60,500 shares issued and outstanding	$ 363,000
Paid-in capital in excess of par - Common	484,000
		$ 847,000
Retained earnings		1,433,000
Total Stockholders' Equity		$ 2,280,000

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?

Multiple Choice

• $18,150

• $72,600

• $114,000

• $48,400