Texas Inc. has 6,000 shares of 6%, $125 par value cumulative preferred stock and 97,000 shares of $1 par value common stock outstanding at December 31. What is theannual dividend on the preferred stock?a. $5,820 in totalb. $0.01 per sharec. $45,000 in totald. $60.00 per share

Preferred dividend is paid on the preferred shares at a predetermined rate. Annual preferred…

Answered: Texas Inc. has 6,000 shares of 6%, $125…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Texas Inc. has 6,000 shares of 6%, $125 par value cumulative preferred stock and 97,000 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock? Oa. $5,820 in total b. $0.01 per share Oc. $45,000 in total Od. $60.00 per share