Ihe 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 $420.ece Common stock, $12 par, 35e,eee shares authorized 35,000 shares issued and outstanding Paid-in capital in excess of par - Connon 70,000 Retained earnings Total stockholders. Equity $ 490,000 1.500,000 $1,990,000 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 $26 per share at 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 5133,000 $91,000 O $38.500 $52.500 The following ustion applies to the westions despuyed below Gilligan Corporation was established on February 15 Year 1. Geligan 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 Cottock, 512 par, 350,000 shares wuthorized 35,000 here and outstanding Peld-in capital in een of a common sarning Total stockholders' quity $430,000 20,000 $ 450,000 1.500.000 51,000,000 At the end of Year Gitigan decides to issue a 10% stock dividend At the time of issue, the market price of the stock was $26 per share What is the number of shares outstanding after the stock dividend is issued M Choice 35.000 60