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The market value balance sheet for Murray Manufacturing is shown here. The company has declared a 30 percent stock dividend. The stock goes ex dividend

The market value balance sheet for Murray Manufacturing is shown here. The company has declared a 30 percent stock dividend. The stock goes ex dividend tomorrow (the chronology for a stock dividend is similar to that for a cash dividend). There are 28,000 shares of stock outstanding.

Cash $ 116,000 Debt $ 237,600
Fixed assets 900,000 Equity 778,400
Total $ 1,016,000 Total $ 1,016,000

What will the ex-dividend price be?

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