VU = $31,()()() 96. W.V.Tr corporate t 2 I. If a firm adheres strictly to the residual dividend model, a sale of new common stock by the company would suggest that a. The dividend payout ratio has remained constant. b. The dividend payout ratio is increasing. c. No dividends were paid for the year. d. The dividend payout ratio is decreasing. e. The dollar amount of investments has decreased