Gilligan Corporation Was Established on February 15, Year 1

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 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: 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 $22 per share.
What is the dollar value of the stock dividend issued by Gilligan Corporation?

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