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Use the information for the question(s) below. Standard Oil has 30 million shares outstanding and...

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Accounting

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Use the information for the question(s) below. Standard Oil has 30 million shares outstanding and has a marginal corporate tax rate of 32%. Standard Oil announces that it will payout $30 million in cash to investors through a special dividend. Shareholders had previously assumed that Standard Oil would retain this excess cash permanently. What is the amount that Standard Oil's share price can be expected to change upon this announcement? Choose the closest answer. $1.00$0.32 No change $0.68 $0.74

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