If a firm adheres strictly to the residual dividend policy, the issuance of new common stock would suggest that

		no dividends to common stockholders.
		dividends only out of funds raised by the sale of new common stock.
		dividends only out of funds raised by borrowing money (i.e., issue debt).
		dividends only out of funds raised by selling off fixed assets.
		no dividends except out of past retained earnings.