What is the cost of the preferred stock including flotation, Financial Accounting

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What is the cost of the preferred stock including flotation

Problem

Travis Industries plans to issue perpetual preferred stock with an $11.00 dividend. The stock is currently selling for $98.50, but flotation costs will be 8% of the market price, so the net price will be $90.62 per share. What is the cost of the preferred stock, including flotation?

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Financial Accounting: What is the cost of the preferred stock including flotation

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Financial Accounting: What is the cost of the preferred stock including flotation

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