Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007. What is the annual dividend on the preferred stock?

a. $60 per share
b. $30,000 in total
c. $3,000 in total
d. $0.60 per share

Ans: b. $30,000 in total

Business

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