Given the information provided in the tab "Data for Question 13", calculate the per share dividend by strictly following the Residual Dividend Model. In the explanation box, discuss why the calculated dividends may not be appropriate. Then, create what you feel would be an ideal dividend policy for the firm and defend your recommendation in the Defense box.

Data needed:

Dividends using Residual Dividend Model: Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 20223 Q4 2023 Explanation (adjust cell height as necessary to fit response): Your recommended payout: Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 20223 Q4 2023 Defense (adjust cell height as necessary to fit response): Target Capital Structure: 65% Equity, 35% Debt Number of Shares Oustanding 3,000,000 $ Quarter Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Expected Net Income Expected Capital Needs $ 1,700,000 $ 850,000 $ 1,900,000 $ 850,000 $ 1,850,000 $ 1,100,000 $ 2,150,000 $ 850,000 $ 2,050,000 $ 850,000 $ 2,050,000 $ 1,150,000 $ 1,950,000 $ 850,000 $ 2,250,000 $ 850,000 $