Which of the following statements explains why preferred stock is riskier than bonds for investors?

Preferred stockholders claims are subordinated to those of bondholders in the event of liquidation.

Bondholders are more likely to continue receiving income during hard times than preferred stockholders.

Because only $70\%$ of preferred dividends are exempt from corporate taxes, preferred stock is unattractive to corporate investors.

All of the statements above offer explanations why preferred stock is riskier than bonds for investors.

Statements "Bondholders are more likely to continue receiving income during hard times than preferred stockholders" and "Preferred stockholders' claims are subordinated to those of boncholders in the event of liquidation $"$ offer explanations why preferred stock is riskier than bonds for investors.