Question 1 (17 points) (7 points) Smathers Jellies follows a residual dividend policy and maintains a constant debt-equity ratio. There are 15,000 shares of stock outstanding at a market price of $10 a share. There are 300 bonds outstanding. Each bond is selling at $1,000 par value. The projected spending on capital projects is s180,000 for next year. Earnings for next year are estimated at $70,000 a) 1) 2) What is the projected dividend amount per share? What is the major problem of the residual dividend policy