TB MC Qu. 11-78 (Algo) Gilligan Corporation was established on February... 20 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: 0.6 points Common stock, $12 par, 375,000 shares authorized, 37,500 shares issued and outstanding Paid-in capital in excess of par Common 8 01:23:03 $ 450,000 75,000 Retained earnings Total stockholders' equity $ 525,000 1,455,000 $ 1,980,000 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 $23 per share. What is the number of shares outstanding after the stock dividend is issued? What is the number of shares outstanding after the stock dividend is issued? Multiple Choice 37,500 (0) 376,875 O 39,375 O 35,625