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 55,500 shares issued and outstanding $ 333,000 Paid-in capital in excess of par - Common 444,000 $ 777,000 Retained earnings 1,403,000 Total Stockholders' Equity $ 2,180,000 On December