Essay
Hayley's Optical has a stockholders' equity account as shown below. The firm's common stock currently sells for $20 per share. 
(a) What is the maximum dividend per share Hayley's Optical can pay? (Assume capital includes all paid-in capital.)
(b) Recast the partial balance sheet (the stockholders' equity accounts) to show independently
(1) a 2 for 1 stock split of the common stock.
(2) a cash dividend of $1.50 per share.
(3) a stock dividend of 5% on the common stock.
(c) At what price would you expect Hayley's Optical stock to sell after
(1) the stock split?
(2) the stock dividend?
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