1. Max Political Consultants Management, Inc. has decided to discontinue all of the firm's business operations. The firm has a total of $7 million in debt and the fair market value of its assets is $10 million. The book value is $5 million. What will be the liquidating dividend the shareholders can expect to receive?

2. Place the following in proper chronological order, and describe the purpose of each: declaration date, ex-dividend date, record date, payment date.

3. Explain why managers of firms might prefer that their firm's stock be traded in a moderate per-share range rather than a high-share price range. How do firms keep their shares trading in that range