Stock dividends: The market value balance sheet for Outland Manufacturing is shown in the table below. Outland has declared a 20 percent stock dividend. The stock goes ex-dividend tomorrow. (Chronology for a stock dividend is similar to that for a cash dividend.) There are 45,000 shares of stock outstanding. Calculate the ex-dividend price.

Problem 4. Stock Dividends: Market Value Balance Sheet

Cash: $165,000	Debt: $177,000
Fixed Assets: $658,000	Equity: $646,000
Total: $823,000	Total: $823,000