Sunland, Inc. has $9700$ shares of $7\%,$$$100$ par value, cumulative preferred stock and $97000$ shares of $$1$ par value common stock outstanding at December $31,2020.$ If the board of directors declares a $$30000$ dividend, the

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

preferred shareholders will receive the entire $$30000.$

preferred shareholders will receive $$15000$ and the common shareholders will receive $$15000.$

$$30000$ will be held as restricted retained earnings and paid out at some future date.