Smathers Jellies Follows a Residual Dividend Policy and Maintains a Constant

Smathers Jellies follows a residual dividend policy and maintains a constant debt-equity ratio. There are 15,000 shares of stock outstanding at a market price of $10 a share. There are 300 bonds outstanding, which are selling at par value. The projected spending on capital projects is $180,000 for next year. Earnings for next year are estimated at $70,000. What is the projected dividend amount per share?

A) $0
B) $.33
C) $.50
D) $.67
E) $1.00