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The following information is provided for Bold Company for the year 2017: ...

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Accounting

The following information is provided for Bold Company for the year 2017:

  • Preferred stock, 10%, $50 par value, 2,100 shares issued and outstanding
  • Common stock, $100 par value, 3,100 shares issued and outstanding
  • Dividends in arrears for three prior years (20142016)
  • Total dividends declared and paid in 2017 were $61,000.

Assuming the preferred stock is cumulative, what amount of the 2017 dividend declaration for dividends in arrears was recorded with a debit to the Dividends payable account on the date of declaration?

$42,000.

$61,000.

$19,000.

$10,500.

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