I need assistance with the Dividends and Stockshomework assignment below (four questions):

Demonstrate understanding of financial concepts by completing the following problems. Where appropriate, show or explain your work. Please use Excel to work the problems.

Problem 1.Dividends and Taxes: Midland, Incorporated has declared a $6.50 per share dividend and the stock is about to go ex-dividend. Calculate the ex-dividend price based on the following data:

• Capital gains are not taxed.
• There is a 12 percent tax rate on dividends.
• Taxes must be withheld at the time the dividend is paid, according to new IRS regulations.
• Midland sells for $76 per share.

Problem 2.Stock Splits and Stock Dividends: Billings Corporation (BC) currently has 365,000 shares of stock outstanding that sell for $72 per share. What will the share price be after:

• BC has a five-for-three stock split?
• BC has a 12 percent stock dividend?
• BC has a 45 percent stock dividend?
• BC has a five-for-seven reverse stock split?

Problem 3.Dividend Smoothing:The Deck Company just paid a dividend of $1.55 per share of stock. Its target payout ratio is 45 percent. In one year, the company expects to have earnings per share of $7.10. If the adjustment rate is .4, as defined in the Lintner model, what will the dividend be one year from now?

Problem 4.Stock Dividends: The market value balance sheet for Outland Manufacturing is shown in the table below. Outland has declared a 20 percent stock dividend. The stock goes ex-dividend tomorrow (chronology for a stock dividend is similar to that for a cash dividend). There are 45,000 shares of stock outstanding. Calculate the ex-dividend price.

Cash: $165,000.	Debt: $177,000.
Fixed Assets: $658,000.	Equity: $646,000.
Total:$823,000.	Total:$823,000.