Waterway, Inc has 11500 shares of 6%,$100 par value, cumulative preferred stock and 115000 shares of $1 par value commonstock outstanding at December 31,2020 . If the board of directors declares a $30000 dividend, the $30000 will be held as restricted retained earnings and paid out at some future date. preferred shareholders will receive 1/10 th of what the common shareholders will recelve. preferred shareholders will recelve $15000 and the common shareholders will recelve $15000. preferred shareholders will receive the entire $30000