Transcribed image text: Question 9 4 pts 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 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock. $12 par, 350,000 shares authorized 35,000 shares issued and $ 420,000 outstanding Paid-in capital in excess of par - Common 70,000 $ 490,000 Retained earnings 455.000 Total Stockholders' Equity $ 945,000 On December 31, Year 1, Gilligan 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? O 31,500 shares 353,500 shares 35,000 shares O 38,500 shares