14. (LO18-1) Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows: Cash Accounts receivable Fixed assets Total assets Accounts payable Long term payable Common stock (295,000 shares at $1 par) Retained earnings Total liabilities and stockholders' equity Assets $386,000 836,000 1,048,000 $2,270,000 Liabilities and Stockholders' Equity $459,000 371,000 295,000 1,145,000 $2,270,000 a. From a legal perspective, what is the maximum amount of dividends per share the firm could pay? b. In terms of cash availability, what is the maximum amount of dividends per share the firm could pay? c. Assume the firm earned an 18 percent return on stockholders' equity last year. If the board wishes to pay out 50 percent of earnings in the form of dividends, how much will dividends per share be? (Round to two places to the right of the decimal point.)