Wally Company declares and pays $30,000 in dividends Wally Company has the following stock outstanding: Preferred stock: 6%, $20 par value, 2,000 shares outstanding. This preferred stock has cumulative dividend preference. Two years of preferred dividends were in arrears. Common stock: $10 par value, 5,000 shares outstanding. Wally issues a $30,000 dividend this year. Which of the following is true? Multiple Choice Preferred stockholders receive $4,800 in dividends this year because there are two years of dividends in arrears. Preferred stockholders have preference because they receive a greater dollar amount of dividends than what the common stockholders receive. Common stockholders receive $27,600 in dividends this year, after the preferred stockholders are paid first. Preferred stockholders receive $7,200 in preferred dividends this year, and are paid before the common stockholders. Common stockkholders receive $0 in dividends this year since there are dividends in arrears for the preferred stockholders