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Texas Inc. has 12,000 shares of 4%, $125 par value cumulative preferred stock and 92,000 shares of $1 par value common stock outstanding at December

Texas Inc. has 12,000 shares of 4%, $125 par value cumulative preferred stock and 92,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

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