Use the Following to Answer Questions

Use the following to answer questions
Gilligan Corporation was established on February 15,2014.Gilligan is authorized to issue 500,000 shares of $6.00 par value common stock.As of December 2016,Gilligan's stockholders' equity accounts report the following balances:
At the end of 2016,Gilligan decides to issue a 5% stock dividend.
At the time of issue,the market price of the stock was $22 per share.

-Determine the dollar value of the stock dividend issued by Gilligan Corporation.

A) $60,500
B) $16,500
C) $44,000
D) $108,500