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Salmon, Inc. issues 513,000 shares of preferred stock for $29 a share. The stock has...

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Accounting

Salmon, Inc. issues 513,000 shares of preferred stock for $29 a share. The stock has a fixed annual dividend rate of 8% and a par value of $16 per share. The current price of the preferred stock is $31 a share. If sufficient dividends are declared, preferred stockholders can anticipate receiving annual dividends of:

Multiple Choice

  • $2.32 per share.

  • $1.04 per share.

  • $1.28 per share.

  • $2.48 per share.

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