Match each description 1 through 4 with the characteristic of preferred stock that it best describes. Description Characteristic 1. Receives current and all past dividends before common stockholders receive any dividends. 2. Receives dividends exceeding the stated rate under certain conditions 3. Not entitled to receive dividends in excess of the stated rate 4. Loses any dividends that are not declared in the current year. Match each description 1 through 4 with the characteristic of preferred stock that it best describes. Description Characteristic 1. Receives current and all past dividends before common stockholders receive any dividends. 2. Receives dividends exceeding the stated rate under certain conditions 3. Not entitled to receive dividends in excess of the stated rate 4. Loses any dividends that are not declared in the current year