Drew Financial Associates currently pays a quarterly dividend of 65 cents per share. This quarters dividend will be paid to stockholders of record on Friday, February 12, 2016. Drew has 250,000 common shares outstanding. The retained earnings account has a balance of $12 million before the dividend, and Drew holds $2.1 million in cash.

What is the ex-dividend date for this quarter?

-Select-Tuesday, February 9Wednesday, February 10Thursday, February 11Friday, February 12Item 1

Drews stock traded for $19 per share the day prior to the ex-dividend date. What would you expect the stock price to open at on the ex-dividend date? Round your answer to the nearest cent.

$ per share

What is the effect of the dividend payment on Drews cash, retained earnings, and total assets? Round your answers to the nearest dollar.

Cash -Select-declinesincreasesItem 3 by $ .

Retained earnings -Select-declineincreaseItem 5 by $ .

Total assets -Select-declineincreaseItem 7 by $ .