Marian Hobby Store pays a dividend of $0.35 per share per quarter. The next dividend will be paid to shareholders of record on Friday, December 20, 2013. The company has 3 million shares outstanding, and its stock price was $15 the day prior to the ex-dividend date. There is $75 million in retained earnings before the dividend and $8 million in cash.

a. What is the ex-dividend date?

b. What is the stock price on the ex-dividend date?

c. How are the cash, retained earnings and total assets affected?