P14-1 Dividend payment procedures At the quarterly dividend meeting, Perfect Frame Manufacturing declared a $2.00 per share dividend for the holders on record as at Monday, March 10. The outstanding common stock is 250,000 shares. The dividend payment date was set as Monday, March 31. Prior to the dividend declaration, the firm's key accounts were as follows: Cash $650,000 Dividends payable $ 0 Retained earnings 2,000,000 a. When is the ex-dividend date? b. Calculate the amount of dividend payable on March 31. c. What values would the key accounts have after the March 31 payment date? d. All other things being equal, what do you expect to happen to the stock price on the ex-dividend date? e. What is the net effect of declaring and paying dividends on the total assets of Perfect Frame Manufacturing