1. Cass purchased 100 shares of Polar Tek stock on Monday, September 3. Polar Tek paid its quarterly dividend of $.80 a share on Friday, September 28. The record date was Wednesday, September 5. How much did Cass receive as a dividend payment on September 28?
2. Lineman Tools needs $360 million to finance a new manufacturing facility. The offer price is $45 a share and the underwriters spread is 7.5%. Direct costs are estimated at a total of $640,000. How many shares of stock need to be sold to finance the new facility?
3. Easter Express currently has a common stock account balance of $630,000 and a retained earnings account balance of $984,000. The stock has a par value of $1 per share and a market value of $22 per share. Eastern express has declared a 7% stock dividend. WHat will the market price of the stock be after the stock dividend?