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XYZ's balance sheet has $90,551,000 in equity. Further, the company is expecting net income of 4,000,000 next year, and also expecting to pay $5,000,000 in

XYZ's balance sheet has $90,551,000 in equity. Further, the company is expecting net income of 4,000,000 next year, and also expecting to pay $5,000,000 in dividends. If there is no new stock issued what will be XYZ's book value?

$46,209,000

$89,551,000

$36,209,000

$99,551,000

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