Piggiesmalls, Inc. has 10,000 shares of 6%, $100 par value, non-cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2019. If the board of directors declares a $40,000 dividend in 2019, the Multiple Choice preferred stockholders will receive the entire $40,000 preferred stockholders will receive $20,000 and the common stockholders will receive $20,000 $40.000 will be held as restricted retained earnings and paid out at some future date O common stockholders will receive the entire $40,000