Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 61,000 shares issued and outstanding Paid-in capital in excess of par - Common Retained earnings Total Stockholders' Equity $ 366,000 488,000 $ 854,000 1,436,000 $ 2,290,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share. What is the dollar value of the stock dividend issued by Gilligan Corporation?
Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 61,000 shares issued and outstanding Paid-in capital in excess of par - Common Retained earnings Total Stockholders' Equity $ 366,000 488,000 $ 854,000 1,436,000 $ 2,290,000 On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share. What is the dollar value of the stock dividend issued by Gilligan Corporation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the
following balances:
Common stock, $6 par, 500,000 shares authorized
61,000 shares issued and outstanding
Paid-in capital in excess of par Common
Multiple Choice
Retained earnings
Total Stockholders' Equity
On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share.
What is the dollar value of the stock dividend issued by Gilligan Corporation?
$18,300
$48,800
$76,250
$366,000
488,000
$114,500
$ 854,000
1,436,000
$ 2,290,000
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Transcribed Image Text:Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the
following balances:
Common stock, $6 par, 500,000 shares authorized
61,000 shares issued and outstanding
Paid-in capital in excess of par Common
Multiple Choice
Retained earnings
Total Stockholders' Equity
On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share.
What is the dollar value of the stock dividend issued by Gilligan Corporation?
$18,300
$48,800
$76,250
$366,000
488,000
$114,500
$ 854,000
1,436,000
$ 2,290,000
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