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CLA 2 Comprehensive Learning Assessment 2 CLO 1, CLO 2, CLO 3, CLO 6 Review peer reviewed journal articles and write at least three pages about theories of dividend policy. Apply your knowledge of dividend policy to answer questions (a-h) in the following example Big Industries has the following market-value balance sheet. The stock currently sells for $20 a share, and there are 1,600 shares outstanding. The rm will either pay a $1 per share dividend or repurchase $1,00G worth of stock. Ignore taxes. Fixed assets 28,00'3- Eq Ulty 20,000 1. What will be the subsequent price per share if the rm pays a dividend? 2. What will be the subsequent price per share if the rm repurchases stock? 3. If total earnings of the rm are $2,0G0 a year, nd earnings per share if the rm pays a dividend. 4. Now nd earnings per share if the rm repurchases stock. 5. Find the price-earnings ratio if the rm pays a dividend. 6. Find the price-earnings ratio if the rm repurchases stock. 7. Adherents of the \"dividends-are-good\" school sometimes point to the fact that stocks with high dividend payout ratios tend to sell at above-average price-earnings multiples. Is Big Industries' PIE ratio higher if it pays a dividend? 8. Looking back at your answers to parts (a) to (f), do you think that the difference in P/E supports the "dividends-are-good" Provide in-text citations and explain in detail