(1) In some cases, preferred stock dividends are "paid in arrears" if the BOD does not declare a dividend. a. Assume that a company issues 1,000 shares of 8%, $30 par value preferred stock and 1,000 shares of $1 par value common stock at the beginning of 2019. If the preferred stock is cumulative, the company owes a dividend on the preferred stock of $____ each year.