Boles Bottling Co. has issued rights to its shareholders. The subscription price is $74 and seven rights are needed along with the subscription price to buy one of the new shares. The stock is selling...

Boles Bottling Co. has issued rights to its shareholders. The subscription price is $74 and seven rights are needed along with the subscription price to buy one of the new shares. The stock is selling for $96 rights-on.

a.What would be the value of one right?

(Do not round intermediate calculations and round your answer to 2 decimal places.)

b.If the stock goes ex-rights, what would the new stock price be?

(Do not round intermediate calculations and round your answer to 2 decimal places.)