1. Corporation A has announced a $1.4 dividend. If the firm's last price while trading is $40, what should its first ex-dividend price be (assuming perfect capital markets)?

a. Firm A has assets of $457,535,551, $50,000,000 of which are cash. It has debt of $161,858,433. If KMS repurchases $23,137,892 of its stock. After the repurchase, what will its new leverage ratio be?

b. Company A has a market capitalization of $1,507,859,137 and 15,282,950 shares outstanding. It plans to distribute $57,808,384 through an open market repurchase. Assuming perfect capital markets: What will the price per share of the firm be right before the repurchase?

c. Company A has a market capitalization of $2,059,415,949 and 21,260,849 shares outstanding. It plans to distribute $71,612,748 through an open market repurchase. Assuming perfect capital markets: How many shares will be repurchased?