Valley, Inc. has 9000 shares of preferred stock outstanding. The preferred stock has a $90 par value, a 14% dividend rate, and is noncumulative. If Valley has sufficient funds to pay dividends, what is the total amount of dividends that will be paid out to preferred stockholders?
A) $32,143
B) $113,400
C) $57,857
D) $8100
B) $113,400
Explanation: The total amount of dividends paid out to preferred stockholders
=($90 x 14%)x9000=$113,400
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Fill in the blanks with correct word