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Beldon Co. was organized on January 2, 2011, with the following capital structure: 10 percent cumulative preferred stock, par value $100, and liquidation value $105;

Beldon Co. was organized on January 2, 2011, with the following capital structure: 10 percent cumulative preferred stock, par value $100, and liquidation value $105; issued and outstanding 2,000 shares ........................................ $200,000 Common stock, par value $25; authorized 100,000 shares; issued and outstanding 20,000 shares ................ 500,000 Beldon's net income for the year ended December 31, 2011, was $900,000, but no dividends were declared. Beldon's balance sheet would report Dividends Payable at December 31, 2011, of A) $90,000. B) $20,000. C) $2,000. D) $0. PLEASE show all work and explain incorrect answers also

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