Murphy's, Inc. has 32,100 shares of stock outstanding with a par value of $1.00 per share. The market value is $13.00 per share. The balance sheet shows $88,150.00 in the capital in excess of par account, $32,100.00 in the common stock account, and $150,950 in the retained earnings account. The firm just announced a 12 percent (small) stock dividend. What will the market price per share be after the dividend?
$11.61
$12.50
$13.00
$13.50
$12.61