Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 325,000 shares of $12 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances:
|Common stock, $12 par, 325,000 shares authorized 32,500 shares issued and outstanding||$||390,000|
|Paid-in capital in excess of par - Common||65,000|
|Total Stockholders' Equity||$||895,000|
On December 31, Year 1, Gilligan decides to issue a 8% stock dividend. At the time of issue, the market price of the stock was $36 per share.
What is the number of shares outstanding after the stock dividend is issued?
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