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Pine Valley Lumber issues 15,000 shares of 9%, $45 par value preferred stock with a cumulative dividend feature for $65 cash per share. What is

Pine Valley Lumber issues 15,000 shares of 9%, $45 par value preferred stock with a cumulative dividend feature for $65 cash per share. What is the minimum annual dividend the holders of this stock can collectively expect to receive? $300,000 $27,000 $87,750 O $60,750

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