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Murphy's, Inc. has 31,950 shares of stock outstanding with a par value of $1.00 per share. The market value is $10.00 per share. The balance
Murphy's, Inc. has 31,950 shares of stock outstanding with a par value of $1.00 per share. The market value is $10.00 per share. The balance sheet shows $87,850.00 in the capital in excess of par account, $31,950.00 in the common stock account, and $147,950 in the retained earnings account. The firm just announced a 14 percent (small) stock dividend. What will the market price per share be after the dividend?
A. $8.77
B. $10.00
C. $10.65
D. $9.65
E. $9.77
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