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Problem 1: Preferred Stock, with a par value of $100 per share and a 9% dividend rate, is listed on the balance sheet at $1,000,000. If dividends are declared and paid at the end of the year, and dividends are 3 years in arrears, what amount will the preferred shareholders receive before common shareholders are paid any dividend?
A. $200,000
B. $270,000
C. $360,000
D. $400,000
E. $480,000
Problem 2: Preferred Stock, $100 par, callable at $105, totals $500,000. Common Stock totals $500,000 and Additional Paid-in Capital is $100,000. Retained Earnings totals $250,000. If there are no dividends in arrears, what is the book value per share of the preferred stock?
A. $100 per share
B. $102 per share
C. $108 per share
D. $110 per share
E. None of the above
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