Multiple Choice Question 39 Waterway, Inc. has 11500 shares of 5%, $100 par value, cumulative preferred stock and 115000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $69000 dividend, the O preferred shareholders will receive 1/10th of what the common shareholders will receive O preferred shareholders will receive the entire $69000. $69000 will be held as restricted retained earnings and paid out at some future date O preferred shareholders will receive $34500 and the common shareholders will receive $34500