Question 38 (1 point) Assume the following shares are outstanding for Ramirez Inc. on Dec. 31, 2022: 40,000 shares of preferred stock outstanding, 20%, $10 par value, NONCUMULATIVE. 80,000 shares of common stock outstanding, $0.01 par value. Ramirez did not have dividends in arrears as of January 1, 2020, but did not pay any dividends in 2020 or 2021. Total dividends of $300,000 are declared and paid in 2022. Common shareholders are entitled to. $260,000 $240,000 $220,000 $60,000 of the dividends paid in 2022.