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Texas Inc. has 5,000 shares of 7%, $125 par value cumulative preferred stock and 93,000 shares of $1 par value common stock outstanding at December

Texas Inc. has 5,000 shares of 7%, $125 par value cumulative preferred stock and 93,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

a.$70.00 per share

b.$6,510 in total

c.$43,750 in total

d.$0.01 per share

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