The company with the common equity accounts shown here has decided on a two-for-one stock split. The firm's 32-cent-per-share cash dividend on the new (postsplit) shares represents an increase of 20 percent over last year's dividend on the presplit stock.

Common stock ($1 par value)$520,000Capital surplus1,560,000Retained earnings3,888,000Total owners' equity$ 5,968,000

a.What is the new par value of the stock?

b.What was last year's dividend per share?