The market value balance sheet for Air Taxi, Inc. is shown below. Air taxi has declared a stock dividend of 30%. The stock goes ex-dividend tomorrow, with 20,000 shares outstanding.

What will the ex-dividend stock price be?

• Shares outstanding20,000
• Stock dividend30%

Market Value Balance Sheet

Cash $295,000Debit $180,000

Fixed assets$540,000Equity$655,000

Total $835,000Total$835,000

42.58

25.19

32.12

46.79