On Monday, 1 Mar, Del Luna Hotels board of director declares a dividend of $2.53 per share payable on Wednesday, 14 April, to shareholders as of Wednesday, 31 Mar that the holders of record are determined. Required: (a) When is the ex-dividend date? You purchased 5,000 shares of Del Luna Hotel at $150 per share. The stock sells for $193 per share just before the ex-dividend date. Assuming no taxes, how much will your stock value in total be worth on the ex-dividend date?

(b) The stock price of another hotel is currently selling at $150 per share. Assuming no market imperfections or tax effects exist, what will be the stock price per share after: (i) Del Luna Hotel has a four-for-six stock split? (ii) Del Luna Hotel has a 29.5 percent stock dividend?