Gilligan Corporation was established on February 15. Year 1. Gilligan is authorized to issue 500.000 shares of $6.00 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 55,000 shares issued and outstanding Paid-in capital in excess of par - Common $330, 440 Retained earnings Total Stockholders' Equity 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 $22 per share. How will the issuance of the stock dividend affect the financial statements? Multiple Choice C ) Increase the dividends account and decrease the cash account by $108,500. Decrease the common stock account by $60.500. Increase the retained earnings account by $16.500 and increase the pald-In capital in excess of par-Common Decrease the retained earnings account and increase the common stock account by $16.500. Decrease the retained earnings account by $60.500 Increase the common stock account by $16.500, and Increase the pald-In capital in excess of par-Common account by $44.000