For the following questions, circle the best response.
Similarities between preferred stock and long-term debt (bonds) include all of the following except
a. each has a fixed claim to annual income (dividends and interest, respectively).
b. each has a fixed claim on assets (liquidating value and principal amount, respectively).
c. each allows the corporation a tax deduction (dividends and interest, respectively).
d. each may be callable and/or convertible.
e. All of the above are similarities between preferred stock and long-term debt (bonds).
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