316-11 (book/static) Question Help (Cash dividend and taxes) The Barryman Drilling Company was initially planning on repurchasing $1,000,000 worth of the company's 500,000 shares of stock, which is currently trading at a price of $10.00 per share. Stan Barryman is the founder of the company and still holds 10,000 shares of company stock that he onginally purchased for $8.00 per share. After consideration, the company is reconsidering its plan to repurchase its common stock and instead plans to pay the $1,000,000 as a cash dividend, which amounts to $2.00 per share of common stock dividends are taxed at 15 percent, what tax liability does this create for Stan Barryman? What will be Stan's after-tax proceeds from the dividend distribution? Stan's tax liability on the dividends is $ (Round to the nearest dollar)