1. Pizza Pizza Pizza Inc. has been in operation for 7 years. On April 1, their Balance sheet showed an equity section as follows:

   Contributed Capital:

   Preferred Shares, $1.00, non-cumulative dividend

   1,200 shares outstanding ...................................................................... $ 5,000

   Common Shares, unlimited shares authorized

   8,000 shares authorized and outstanding ......................................... 24,000

   Total Contributed Capital $ 29,000

   Retained Earnings............................................................................... 13,200

   Total Equity................................................................................................ $ 42,200

   What is the largest dividend per common share that the Board can pay after paying the Preferred shareholders what they have a right to?

   1. $1.50

   2. $1.65

   3. $4.65

   4. $5.28

   5. $3.00