Oriole, Inc. has 10300 shares of 7%, $100 par value, cumulative preferred stock and 103000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $72100 dividend, the

preferred shareholders will receive $36050 and the common shareholders will receive $36050.

$72100 will be held as restricted retained earnings and paid out at some future date.

preferred shareholders will receive 1/10th of what the common shareholders will receive.

preferred shareholders will receive the entire $72100.