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  3. a company issues 520,000 shares of preferred stock

A company issues 520,000 shares of preferred stock for $34 a share. The stock has...

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Accounting

A company issues 520,000 shares of preferred stock for $34 a share. The stock has a fixed annual dividend rate of 5% and a par value of $9 per share. The current price of the preferred stock is $36 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

A.$1.70 per share. B.$0.45 per share. C.$1.25 per share. D.$1.80 per share

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