Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 400,000 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, 400,000 shares authorized, 40,eee shares issued and outstanding Paid-in capital in excess of par - Common $480,000 80,000 Retained earnings Total stockholders' Equity $ 560,000 485,000 $1,845, eee At the end of Year 3, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $38 per share. What is the amount of retained earnings that will be transferred to pald-in capital as a result of the stock dividend issued by Gilligan Corporation? Multiple Choice O $24,000 $76.000 O $20,000 O O $4.800,000