Q4. (20 marks) The balance sheet for Chevelle Corp. is shown here in market value terms. There are 8,000- shares of stock outstanding. Market Value Balance Sheet Cash $38,500 Equity $308,500 Fixed assets 270,000 Total $308,500 Total $308,500 The company has declared a dividend of $1.30 per share. The stock goes ex dividend- tomorrow. a) Ignoring any tax effects, what is the stock selling for today? What will it sell for tomorrow? (6 marks) b) What will the balance sheet look like after the dividends are paid? (6 marks) c) Explain the relevance / irrelevance of dividend policy and describe non-qualitatively how it works. (8 marks)