I want to ask 13 & 15. And i hope i can get the explanation about how to find the answers.

an extra dividend versus 13. Stock Repurchase Flychucker Corporation is evaluating a share repurchase. In either case $4,000 would be spent. Current earnings $2.10 per share, and the stock currently sells for $46 per share. There are 800 shares outstanding. Ignore taxes and other imperfections in answering parts (a) and (b). a. Evaluate the two alternatives in terms of the effect on the price per share of the are stock and shareholder wealth. b. What will be the effect on Flychucker's EPS and PE ratio under the two different scenarios? c. In the real world, which of these actions would you recommend? Why? Dividends and Firm Value The net income of Novis Corporation is $85,000. The company has 25,000 outstanding shares and a 100 percent payout policy The expected value of the firm one year from now is $1,725,000. The appropriate discount rate for Novis is 12 percent, and the dividend tax rate is zero. 14. a. What is the current value of the firm assuming the current dividend has not yet been paid? b. What is the ex-dividend price of Novis's stock if the board follows its current policy? c. At the dividend declaration meeting, several board members claimed that the dividend is too meager and is probably depressing Novis's price. They proposed that Novis sell enough new shares to finance a $4.60 dividend. i. Comment on the claim that the low dividend is depressing the stock price. Sup- port your argument with calculations ii. If the proposal is adopted, at what price will the new shares sell? How many will be sold? 15. Dividend Policy Gibson Co. has a current period cash flow of $1.1 million and pays no dividends. The present value of the company's future cash flows is $15 million. The company is entirely financed with equity and has 600,000 shares outstanding. Assume the dividend tax rate is zero. a. What is the share price of the Gibson stock? b. Suppose the board of directors of Gibson Co. announces its plan to pay out 50 percent of its current cash flow as cash dividends to its shareholders. How can Jeff Miller, who owns 1,000 shares of Gibson stock, achieve a zero payout policy on his own