I am working on a problem in accounting where I need to find the effect of dividend. I have read the text and researched the internet for help with no luck.
I have the outstanding shares, fraction of the year although I have no idea how to figure out how to figure out the effect of dividend.

The market sometimes is very helpful.

Search history on the particular share.

At dividend time there will be a period where the share is quoted DIV.
As the dividend is paid , the share will be quoted EX DIV.
The difference in the two positions will give you an accurate effect of the dividend.