When Tong Su purchased 500 shares of preferred stock in the Vibrates Corporation, his certificate indicated the stock had a par value of $50 per share. This means that Tong Su:
A) Paid $50 per share for the stock
B) Will receive $50 per share as dividend payments
C) Is entitled to $50 per share in liquidation
D) Has the option to sell the stock at $50 per share
