If the annual dividend on preferred stock is 36000 what is

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The stockholders' equity section of Leyland Corporation's balance sheet at December 31 is presented here.

LEYLAND CORPORATION Balance Sheet (partial)
Stockholders' equity
Paid-in capital
Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding	$ 600,000
Common stock, no par, 750,000 shares authorized, 580,000 shares issued	2,900,000
Total paid-in capital	3,500,000
Retained earnings	1,158,000
Total paid-in capital and retained earnings	4,658,000
Less: Treasury stock (6,000 common shares)	(32,000	)
Total stockholders' equity	$4,626,000

(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?

Reference no: EM13568092

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