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Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 550,000...

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Accounting

Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 550,000 shares of $10 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances:

Common stock, $10 par, 550,000 shares authorized 55,000 shares issued and outstanding $ 550,000
Paid-in capital in excess of par - Common 110,000
$ 660,000
Retained earnings 575,000
Total Stockholders' Equity $ 1,235,000

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 $42 per share.

What is the number of shares outstanding after the stock dividend is issued?

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