The market value balance sheet for Briggs Manufacturing is shown here. The company has declared...
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Finance
The market value balance sheet for Briggs Manufacturing is shown here. The company has declared a 30 percent stock dividend. The stock goes ex dividend tomorrow (the chronology for a stock dividend is similar to that for a cash dividend). There are 20,000 shares of stock outstanding.
Market Value Balance Sheet
Cash
$
141,000
Debt
$
291,000
Fixed assets
750,000
Equity
600,000
Total
$
891,000
Total
$
891,000
What will the ex-dividend price be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Ex-dividend Price:
Answer & Explanation
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