A company has not declared a dividend on its cumulative preferred stock for the past three years. What is the required accounting treatment or disclosure in this situation? Record a liability for cumulative amount of preferred stock dividends not declared. Disclose the amount of the dividends in arrears. Record a liability for the current year's dividends only. No disclosure or recognition is required. Slack Inc. borrowed $400,000 on April l. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31? $ 0. $ 48,000. $32,000. $36,000