[The following information applies to the questions displayed below.] Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock. As of December 31, Year 3, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized, 55,000 shares issued and outstanding?? $330,000 Paid-in capital in excess of par - Common?? 440,000 $770,000 Retained earnings 1,400,000 Total Stockholders' Equity $2,170,000 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 $22 per share.What is the number of shares outstanding after the stock dividend
is issued?
A. 55,000
B. 525,000
C. 57,750
D. 52,250
Answer: C
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