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Time Watch Co. has $46 million in earnings and is considering paying $6.45 million in interest to bondholders and $4.35 million to preferred stockholders in

Time Watch Co. has $46 million in earnings and is considering paying $6.45 million in interest to bondholders and $4.35 million to preferred stockholders in dividends.

What are the bondholders contractual claims to payment? (You may wish to review Table 17-2 on page 545.)

What are the stockholders immediate contractual claims to payment? What privilege do they have?

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