The Market Value Balance Sheet for MZ Toys Reflects Cash

The market value balance sheet for MZ Toys reflects cash of $32,000, fixed assets of $687,000, debt of $285,000, and equity of $479,000. The firm declared a stock dividend of 15 percent and tomorrow is the ex-dividend date (the chronology for a stock dividend is similar to that for a cash dividend) . There are 12,000 shares outstanding. What is the ex-dividend stock price?

A) $33.51
B) $34.71
C) $33.93
D) $35.14
E) $39.92