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 $$12$ par value common stock. As of December $31,$ Year $3,$ Gillian's stockholders equity accounts report the following balances:Common stock, $$12$ par, $350,000$ shares authorized, $35,000$ shares issued and outstandingPaid$-$in capital in excess of par$-$ CommonRetained earningsTotal stockholders' Equity$$420,00070,000490,00011,560,000$$$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?