Ennis, Inc. has 35,000 common shares issued at a $2.25 par value of which 22,000 are outstanding. If Ennis has no other outstanding stock, what size dividend must be paid such that each share receives $3.20?
A) $96,500
B) $52,500
C) $70,400
D) $44,000
E) None of the above
Correct Answer:
Verified
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