Answer parts a-d and explain each step clearly.

5. How Corporations Pay Dividends. The stock of Payout Corp. will go ex-dividend tomorrow. The dividend will be $.50 per share, and there are 20,000 shares of stock outstanding. The market-value balance sheet for Payout is shown in the following table. (LO17-1) Assets Liabilities and Equity Cash $ 100,000 Equity $1,000,000 Fixed assets 900,000 a. What price is Payout stock selling for today? b. What price will it sell for tomorrow? Ignore taxes. c. Suppose that instead of paying a dividend, Payout Corp. announces that it will repurchase stock with a market value of $10,000. What happens to the stock price when the repurchase proposal is announced? d. Suppose that the stock is repurchased immediately after the announcement. What would be the stock price after the repurchase