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Texas Inc. has 7,000 shares of 4%, $125 par value cumulative preferred stock and 88,000 shares of $1 par value common stock outstanding at December

Texas Inc. has 7,000 shares of 4%, $125 par value cumulative preferred stock and 88,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

a. $35,000 in total

b. $40.00 per share

c. $3,520 in total

d. $0.00 per share

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