Torino Company has 2200 shares of $50 par value, 7.0% cumulative and nonparticipating preferred stock and 22,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $7500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:
A. $200.
B. $7500.
C. $15,400.
D. $7700.
E. $7900.
Answer: E
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