Corporations may not retire preferred stock in order to avoid paying the preferred dividends

Gary, Harold, Daniel, and Brian form a real estate partnership in 2013. In 2015, Brian dissociates himself from the partnership. After a partner's dissociation, under the Uniform Partnership Act the partnership:

a.) can freely choose whether to purchase Brian's partnership interest, and if it does not purchase Brian's interest, Brian will remain a partner. b.) must purchase his or her partnership interest based upon the buyout price. c.) can freely choose whether to purchase Brian's partnership interest and how much value it will pay. d.) dissolves and distributes all assets.

Occidental Produce, Inc has 49,000 shares of common stock outstanding and 6,000 shares of preferred stock outstanding

The common stock is $0.08 par value; the preferred stock is 4% noncumulative with a $100.00 par value. On October 15, 2017, the company declares a total dividend payment of $56,000. How much dividend will be paid to the preferred stockholders? A) $56,000 B) $48,000 C) $24,000 D) $3,920