Which statement is true?$801$:$04$:$11$eBookMultiple ChoiceMcGrawHillescSavedPreferred dividends provide tax$-$free income to individual investors.Common shareholders elect the corporate directors while the preferred shareholders vote on mergers and acquisitions.All classes of stock must have equal voting rights per share.From a legal perspective, preferred stock is a form of corporate equity.Preferred shareholders prefer noncumulative dividends over cumulative dividends.