Marigold Corp. has 600 shares of 12%, $100 par value, cumulative preferred stock and 30000 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock?

$120 per share.

$1.20 per share.

$7200 in total.

$1200 in total.

$8000 in total

$128000 in total