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1. Your firm issues preferred stock having a face value of $30 per share, with a promised annual dividend equal to 9% of par. The actual market value of this preferred stock is $25 per share, and flotation costs equal $1 per share. The cost of preferred stock is: A. B. C. D. E. 8.40% 8.75% 10.00% 10.80% 11.25% (Questions 2 and 3) The Reburn Corporation purchased an asset several years ago for a total installed cost of $185,000. During the time since then, for corporate income tax purposes the firm has claimed $100,000 of depreciation expense on that asset. The corporate income tax rate is a flat rate of 21%. 2. If the sales price is $95,000, the after-tax proceeds of the sale will be: A. B. C. D. $ 92,900 $ 93,950 $ 96,050 $ 97,100 3. If the sales price is $70,000, the after-tax proceeds of the sale will be: A. $ 63,700 B. $ 66,850 C. $ 73,150 D. $ 76,300 2