Phillips rock and mud is trying to determine the maximum amount of cash dividends it can pay this year. assume its balance sheet is as follows:
assets cash $ 372,000
accounts receivable 852,000
fixed assets 1,080,000
total assets $ 2,304,000
liabilities and stockholders' equity
accounts payable $ 499,000
long term payable 335,000
common stock (345,000 shares at $2 par) 690,000
retained earnings 780,000
total liabilities and stockholders' equity $ 2,304,000
from a legal perspective, what is the maximum amount of dividends per share the firm could pay?