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2. Texas Inc. has 11,000 shares of 5%, $125 par value cumulative preferred stock and 80,000 shares of $1 par value common stock outstanding at

Texas Inc. has 11,000 shares of 5%, $125 par value cumulative preferred stock and 80,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

a.$0.01 per share

b.$50.00 per share

c.$68,750 in total

d.$4,000 in total

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