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Gilligan Corporation was established on February 15, Year 1 Gilligjan is authorized to issue 375,000 shares of $12 par value common stock. As of December

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Gilligan Corporation was established on February 15, Year 1 Gilligjan is authorized to issue 375,000 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, 375,e00 shares authorized 37,5ee shares issued and outstanding Paid-in capital in excess of par H Common $450,000 75,000 Retained earnings Total Stockholders Equity 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 $22 per share. What is the number of shares outstanding after the stock dividend is issued

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