Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 775,000 shares of $15 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances:

Common Stock, $15 par, 775,000 shares authorized 77,500 shares issued and outstanding: $1,162,500

Paid-in capital in excess of par - Common: $155,000

Retained Earnings: 710,000

Total Stockholder's Equity: $2,027,500

On December 31, Year 1, Gilligan decides to issue a 6% stock dividend. At the time of issue, the market price of the stock was $48 per share

What is the dollar value of the stock dividend issued by Gilligan Corporation?

a. 223,200

b. 13,950,000

c. 69,750

d. 46,500