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 57,000 shares issued and outstanding $ 342,000 Paid-in capital in excess of par - Common 456,000 $ 798,000 Retained earnings 1,412,000 Total Stockholders' Equity $ 2,210,000 On December