The following is the income statement of PT GIA for the period ended 2015 (in millions of Rupiah):

Sales 15200

Operating cost 11900

Profit before interest and tax 3300

Interest fee 300

Profit before tax 3000

Tax (30%) 900

Net profit 2100

Additional information: the number of ordinary shares outstanding is 500,000 shares and the market price of the shares is Rp56,000 per share. Based on this information you are asked to: a. Calculating dividends per share for 2015 if PT GIA determines that the dividend payout ratio is 40%.

b. Calculating dividend yield in 2015

c. Calculating dividends per share for 2014 if PT GIA reports 2014 net income of Rp2 billion and the number of shares outstanding is 400,000 shares and the payout ratio is 30%.

d. Discuss the concept of the dividend irrelevant theory, with illustrations of numbers to make it easier for you to explain!!