The balance sheet for Contrail Air, Inc. is presented below, in market value terms. The company has 13,000 shares outstanding and declares a dividend of $1.30 per share.

Ignoring any tax effects, what will the stock sell for ex-dividend

• Shares outstanding13,000
• Dividend per share$1.30

Market Value Balance Sheet

Cash $55,000 Equity$465,000

Fixed assets$410,000

Total $465,000 Total$465,000

$34.47

$46.50

$37.07

$27.51