{The following information applies to the questions displayed below) Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 475,000 shares of $10 par value common stock. As of December 31 Year 3, Gilligan's stockholders' equity accounts report the following balances Common stock. $10 par. 475,000 shares authorited) 47,500 shares issued and outstanding Paid-in capital in excess of par - Common $475,000 95.000 Retained earning Total stockholders' Equity $570,000 530,000 $1,100,000 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 $40 per share. What is the amount of retained earnings that will be transferred to paid-in capital as a result of the stock dividend issue by Gilligan Corporation? Multiple Choice 5114.000 $28,500 528,500 55,700,000 Common stock, $10 par, 475,000 shares authorized 47,500 shares issued and outstanding Pald-in-capital in excess of par Common $475,000 95,00 Retained earnings Total stockholders' Equity $570,000 530,000 $1,100,000 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 $40 per share Which of the following journal entries will be used to record the stock dividend? Multiple Choice 114, ONNO Retained earnings Common stock Paid in capital in excess of par valve - Connon 28,500 35.500 66,000 Dividends Cash 06.000 57.000 Common stock Retained earnings Pald.in capital in excess of par value Common 20.500 31,500 78.00 28.500 retained earnis Connon stock