At December 31, 2018, Vanguard Inc. has 15,000, $4, cumulative preferred shares issued. If the board of directors declares a $55,000 dividend at this date: the company still has to pay the preferred shareholders $60,000, regardless of what amount was declared. the company will owe the preferred shareholders nothing further. $5,000 will be disclosed as dividends in arrears in the notes to the financial statements. the company will still owe the preferred shareholders $5,000 and should record a dividend payable for this amount