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Swifty Corporation has 5500 shares of 4%, $100 par value, cumulative preferred stock and 55000 shares of $1 par value common stock outstanding at December

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Swifty Corporation has 5500 shares of 4%, $100 par value, cumulative preferred stock and 55000 shares of $1 par value common stock outstanding at December 31, 2020. If the board of directors declares a $13750 dividend, the $13750 will be held as restricted retained earnings and paid out at some future date. preferred stockholders will receive $750 and the common stockholders will receive $5750. O preferred stockholders will receive the entire $13750. preferred stockholders will receive 1/10th of what the common stockholders will receive

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