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Question 7 1 pts In 2004 Beta Corporation earned gross profits of $760,000. Suppose that it is financed by a combination of common stock and $1 million (par value) of preferred stock. The dividend rate on the preferred stock is 8% and the corporate tax rate is 35%. How much profit is available for common stockholders after payment of preferred dividends (not tax deductible) and corporate taxes? $494,000 $429,000 $414,000 $660,000