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| West owns 5,000 shares of $7 cumulative preferred stock of Sky Corp. During the first year of operations, cash dividends of $7 per share were declared on Sky’s preferred stock but were never paid. In the second year of operations, dividends on Sky’s preferred stock were neither declared nor paid. If Sky is dissolved, which of the following statements is correct? A. Sky will be liable to West as an unsecured creditor for $35,000. B. West will have priority over the claims of Sky’s debenture bond owners. C. West will have priority over the claims of Sky’s unsecured judgment creditors. D. Sky will be liable to West as an unsecured creditor for $70,000. |