39.Bowzer Co. has just received $4.4 million from the sale of one of its divisions. The company has 460,000 shares outstanding that sell for $86.51 per share. If the company issues the entire proceeds from the sale as a special dividend, what will the ex-dividend stock price be? Ignore taxes.

40. Storico currently has 24,000 shares outstanding that sell for $46.49 per share. The company plans to issue a stock dividend of 20 percent. How many new shares will be issued?