Which of the following statements is correct?

a. Common stock dividends are declared by the CEO of the firm, and the CEO may or may not decide to pay a cash dividend at a particular time.

b. Preferred stock dividends are declared by the board of directors, and failure to pay dividends does not result in default.

c. All the answers are correct.

d. Preferred stock dividends are declared by the CEO of the firm, and failure to pay dividends results in default.

e. Preferred stock does not represent an ownership interest in the corporation, but as the name implies, preferred stock receives no preferential treatment over common stock.