Endowment is an institutional investor and owns preferred stocks worth a 20% stake in Hack Wellington CO. Hack Wellington CO. paid out dividends of $243,600 to Endowment this year. Hack had issued perpetual preferred stock with a par value of $100 and pays a 11.60% annual dividend. Investors required return on Hack's preferred stock is 15.54%, and the tax rate for both the companies is 40%. Based on the information give what is the current market price of Hack's preferred stock and what is Endowment's tax liability on its dividend income?