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 31, Year 3, 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 Retained earnings Total stockholders' equity $330,000 440,000 $770,000 1,400,000 $2,170,000 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 $22 per share. What is the number of shares outstanding after the stock dividend is issued? Multiple Choice 57,750 55,000 52,250