Required information [The following information applies to the questions displayed below) Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 350,000 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, 350,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par - Common $420,000 70,000 Retained earnings Total stockholders' Equity $ 490,000 1,560,000 $2,050,000 At the end of Year 3, Gilligan decides to issue a 10% stock dividend. At the time of issue, the market price of the stock was $24 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? Multiple Choice O $84,000 $45,500 $38,500 O $126,000 Prey 2934 :: Next >