Answer:
before disrtibution of dividends: 34,125,000
after distribution: 33,475,000
Step-by-step explanation:
we will calculate this using the gordon model for dividen grow but using the firm income asdividends instead:

income zero: 650,00
income next year: 650,000 x 1.05 = 682,500
return 7%
grow 5%

firm value: 34.125.000
once it distribute dividends, the equity will decrease by that ammount:
34,125,000 - 650,000 = 33,475,000