Asian Food Specialties Inc. reported the following statement of changes in shareholders' equity for the year ended June 30, 2017. The company was founded in 2014 and issued 455 million common shares. There had been no further share transactions until 2017.

Requirements
Answer these questions about Asian Food Specialties's shareholders' equity transactions:
1. The income tax rate is 33%. How much income before income tax did Asian Food
Specialties report on the income statement?
2. What is the stated value of a common share at June 30, 2016?
3. At what price per share did Asian Food Specialties issue its common shares during the year?
4. Asian Food Specialties's statement of changes in shareholders' equity lists the share transactions in the order in which they occurred. What was the percentage of the stock dividend? Round to the nearest percentage.

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Asian Food Specialties Inc. Statement of Changes in Shareholders' Equity For the Year Ended June 30, 2017 Common Shares Retained Earnings (in millions) Balance, June 30, 2016 Total 455 shares outstanding Net i Cash dividends Issuance of shares (5 shares)... Stock dividend (36 shares) $2,275 $1,702 540 (117) $3,977 540 (117) 50 50 186 20 $2,531 (186) Balance, June 30, 2017 $1,939 $4,470