11. Seinway Corp just declared a 10% stock dividend. Before the dividend the stock sold for $34 per share and the equity section of the firm’s balance sheet was as follows:

Common stock (10,000,000 shares, $.50 par) $ 5,000,000 Paid in excess 56,000,000 Retained earnings 87,500,000 Total $148,500,000 Restate the equity accounts and estimate the stock’s price after the dividend.