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: Retained earnings Total stockholders' Equity 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 paid-in capital as a result of the stock dividend issued by Gilligan Corporation? $76,000$4,800,000$20,000$24,000 None of the above