1. Dividends and Taxes Dark Day, Inc., has declared a $5.10 per share dividend. Suppose capital gains are not taxed, but dividends are taxed at 15 percent. New IRS regulations require that taxes be withheld at the time the dividend is paid. Dark Day sells for $93.85 per share, and the stock is about to go ex dividend. What do you think the ex-dividend price will be? 2. Stock Dividends The owners’ equity accounts for Alexander International are shown here: Common stock ($.50 par value) $ 20,000 Capital surplus 285,000 Retained earnings 638,120 Total owners’ equity $933,120 a. If Alexander stock currently sells for $30 per share and a 10 percent stock dividend is declared, how many new shares will be distributed? Show how the equity accounts would change. b. If Alexander declared a 25 percent stock dividend, how would the accounts change?
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