Your only asset is a portfolio of shares. You own 20% of the 180,000 outstanding shares in the firm. The company is an all-equity company and has just announced that it is considering paying a $10 dividend on its shares that are currently trading at $100 per share. You require that exact amount of funds to fund your own consumption irrespective of the company's dividend decision. Using the information above, illustrate Miller and Modigliani's dividend irrelevance theory and the concept of a homemade dividend taking care to note the impact of the dividend decision on the following:

a) The market value of the company's assets;

b) Your financial position;

c) Your proportional ownership of the company