Sunland, Inc., has $5500$ shares of $4\%,$$$100$ par value, noncumulative preferred stock and $55000$ shares of $$1$ par value common stock outstanding at December $31,2020.$ If the board of directors declares a $$100300$ dividend, the

$$22000$ will be held as restricted retained earnings and paid out at some future date.

preferred stockholders will receive $\frac{1}{{10}^{th}}$ of what the common stockholders will receive.

preferred stockholders will receive the entire $$100300.$

preferred stockholders will receive $$22000$ and the common stockholders will receive $$78300.$