The company with the common equity accounts shown here has declared a stock dividend of 20 percent at a time when the market value of its stock is $30 per share.


Common stock ($1 par value) $ 460,000
Capital surplus 861,000
Retained earnings 3,870,800

Total owners' equity $ 5,191,800


What would be the number of shares outstanding, after the distribution of the stock dividend? (Do not round intermediate calculations.)

New shares outstanding_____________________