The balance sheet for Levy Corp. is shown below. All figures are based on market values (including equity). There are 100 mm shares outstanding. Ignore taxes.

Market Value Balance Sheet (in $mm)
Assets:			Liabilities and Shareholders' Equity:
Cash	200		Debt	100
Fixed assets	300		Equity	400
Total	500		Total	500

(i) (1 pt) What is the companys current share price?

(ii) (4 pt) If the company declares a cash dividend of $1 per share, (a) what will be the company's stock price and number of shares outstanding after the dividends are paid? (b) What are the cash balance and equity market value after the dividends are paid? (c) What are the companys debt-to-equity ratios before and after the dividend payout? (d) How would the companys leverage change (increase, decrease, no change) after the dividend payout?

(iii) (3 pt) If the company decides to repurchase $100 mm worth of stock instead of paying a cash dividend of $1 per share, (a) what will be the company's stock price and number of shares outstanding after the share repurchase? (b) What are the cash balance and equity market value after the share repurchase? (c) What is the companys debt-to-equity ratio after the share repurchase? (d) How would the companys leverage change after the share repurchase?

(iv) (3 pt) If the company declares a 2-for-1 stock split, (a) what will be the company's stock price and number of shares outstanding after the stock split? (b) What are the cash balance and equity market value after the stock split? (c) What is the companys debt-to-equity ratio after the stock split? (d) How would the companys leverage change after the stock split?