Alto Company issued 7% preferred stock with a $100 par value. This means that:
A. Preferred shareholders have a guaranteed dividend.
B. Only 7% of the total paid-in capital can be preferred stock.
C. Preferred shareholders are entitled to 7% of the annual income.
D. The amount of the potential dividend is $7 per year per preferred share.
E. The market price per share will approximate $100 per share.
Answer: D
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