Kramer Company is authorized by the state to issue $12,000$ shares of $8$ percent, $$100$ par value preferred stock. On January $1,$ Year One, Kramer issues $6,000$ shares for $$125$ per share. On December $13,$ Year One, Kramer's board of directors declares the annual dividend to owners on record as of January $3,$ Year Two. The dividend will be distributed January $18,$ Year Two. What liability should Kramer Company report on its December $31,$ Year One, balance sheet as a result of this dividend?

$$48,000$

$$0$

$$96,000$

$$60,000$