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On November 29th, the board of directors of Philadelphia Corporation declares a $1.50 dividend per share on its common stock. The date of record is

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On November 29th, the board of directors of Philadelphia Corporation declares a $1.50 dividend per share on its common stock. The date of record is December 14th and the date of payment is December 23rd. On November 29th, Buffalo owns 100 shares of Philadelphia Corporation's common stock. On December 3rd, Buffalo sells the common stock to Portland, On December 12th, Portland sells the stock to Memphis. On December 21st, Memphis sells the stock to Hartford who later sells the stock to New Orleans on December 27th. Who will receive the $150 dividend payment for these 100 shares of stock? Memphis. Buffalo Portland. Hartford

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