If Sonny owns 700 shares (2% of a corporation's stock) and the corporation issues 19,000 new shares, how many of the new shares can he purchase under preemptive right?
A) 686
B) 380
C) 1,080
D) 0
B) 380
Explanation: number of new shares × percentage owned; ex: 2% × 19,000 = 380.
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