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Declared semiannual dividends of $1.60 on the preferred stock and 0.07 on the common stock(before the stock dividend).In addition,a 1% common stock dividend was declared

Declared semiannual dividends of $1.60 on the preferred stock and 0.07 on the common stock(before the stock dividend).In addition,a 1% common stock dividend was declared on the common stock outstanding.The fair market value of the common stock is estimated at $47.

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