PROBLEM 13-2
DIVIDEND POLICY AND THE ISSUE OF NEW COMMON STOCK SHARES
DATA
Needs to raise		20,000,000
Net Income		18,000,000
Dividends		9,000,000
Debt financing		40%
Financing needed		20,000,000
Less: Debt		8,000,000
Less: Retained Earnings		9,000,000
Common Stock =		0