Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 300,000 shares of $12 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $12 par, 300,000 shares authorized 30,000 shares issued and outstanding Paid-in capital in excess of par - Common $360,000 60,000 Retained earnings Total Stockholders' Equity $420,000 425,000 $845,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $20 per share. What is the number of shares outstanding after the stock dividend is issued? Multiple Choice 28,500 shares 31,500 shares 30,000 shares 301,500 shares