_ Complete the following assignment and submit your work to the mphox. Background information: Cipper Corporation is authorized to issue an unlimited number of no par 5 value common shares. and has '100 000 shares outstanding. The business has the following balances in its shareholders equity accounts: Cipper Corporation Shareholders' Equity Common Shares Retained Earnings Total Equity As you can see, the company has enough in its Retained Earnings account to declare a dividend. The board of directors has decided to either pay a 31 per share cash dividend or issue one share a for every four shares each shareholder owns. The current market price is 34 per share. Value of Cash Dividend: 100 000 outstanding shares X $1 = $100 000 'v'alue of Stock Dividend: 100 000 i' 4 X 4 = 25 000 shares @ $4 each = $100 000 What effect does each scenario have on total shareholders' equity? Cipper Corporation Shareholders' Before Cash Stock Equity Dividend Dividend Dividend Common Shares $300 000 $300 000 $300 000 Retained Earnings 120 000 20 000 120 000 Total Equity $420 000 $320 000 $420 000 Eloolt 'v'alue per share {Equityi'iil shares} $4.20 $3.20 $3.30 Required: Assume that you own 300 shares in Cipper Corporation. Calculate the dividend you would receive from a cash dividend and from a stock dividend. As a shareholder: which would you prefer? Explain why in as much detail as possible