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Question: Murphy's, Inc. has 31,800 shares of stock outstanding with a par value of $1.00 per share. The market value is $12.00 per share. The balance sheet shows $87,550.00 in the capital in excess of par account, $31,800.00 in the common stock account, and $144,950 in the retained earnings account. The firm just announced a 14 percent (small) stock dividend. What will the market price per share be after the dividend?

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