Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows:

Assets

Cash $ 361,000

Accounts receivable 802,000

Fixed assets 998,000

Total assets $ 2,161,000

Liabilities and Stockholders' Equity Accounts payable $ 523,000

Long term payable 303,000

Common stock (300,000 shares at $2 par) 600,000

Retained earnings 735,000

Total liabilities and stockholders' equity $ 2,161,000

a-1. From a legal perspective, what is the maximum amount of dividends per share the firm could pay? (Do not round intermediate calculations and round your answer to 2 decimal places.)

Dividends per share __________

b. In terms of cash availability, what is the maximum amount of dividends per share the firm could pay? (Do not round intermediate calculations and round your answer to 2 decimal places.)

Dividends per share ___________

c. Assume the firm earned an 20 percent return on stockholders equity last year. If the board wishes to pay out 70 percent of earnings in the form of dividends, how much will dividends per share be? (Do not round intermediate calculations and round your answer to 2 decimal places.)

Dividends per share ____________