QUESTION 5 Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 375,000 shares of $12 par value common stock. As of December 31, Year 3, Gilligan's stockholders' equity accounts report the following balances: Common stock, $12 par, 375,000 shares authorized, 37,500 shares issued and outstanding Paid-in capital in excess of par- Common Retained earnings Total stockholders' Equity $ 450,000 75,000 $ 525,000 470,000 $ 995.000 At the end of Year 3, 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 amount of retained earnings that will be transferred to paid-in capital as a result of the stock dividend issued by Gilligan Corporation? $49,500 O $5,400,000 O $27,000 $22.500 None of the above.