Pearland,Inc.has 8,000 shares of preferred stock outstanding.The preferred stock has a $90 par value,a 13% dividend rate,and is noncumulative.If Pearland has sufficient funds to pay dividends,what is the total amount of dividends that will be paid out to preferred stockholders?
A) $34,615
B) $93,600
C) $55,385
D) $7,200
Correct Answer:
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