In September, Year 1, West Corp. made a dividend distribution of one right for each of its 120,000 shares ofoutstanding common stock. Each right was exercisable for the purchase of 1/100 of a share of West's $50variable rate preferred stock at an exercise price of $80 per share. On March 20, Year 5, none of the rightshad been exercised, and West redeemed them by paying each stockholder $0.10 per right. As a result of thisredemption, West's stockholders' equity was reduced by:a. $120b. $2,400c. $12,000d. $36,000
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