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The balance sheet for Las Cruces Corp. is shown here in market value terms. There are 8,000 shares of stock outstanding. Market Value Balance Sheet

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The balance sheet for Las Cruces 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 a. The company has declared a cash dividend of $1.70 per share. The stock goes ex dividend tomorrow. Ignoring any tax effects: What is the stock selling for today? b. What will it sell for tomorrow? What will the balance sheet look like after the dividends are paid? Hint: Calculate the impact of dividend payout on both cash and equity, then, fill in the following table with the new values: C. Market Value Balance Sheet Cash Equity Fixed Assets Total Total

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