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On January 1, 2020, Warhol Company issued 2,000 shares of 10%, $200 par value, cumulative preferred stock for $500,000. No preferred dividends were declared in
On January 1, 2020, Warhol Company issued 2,000 shares of 10%, $200 par value, cumulative preferred stock for $500,000. No preferred dividends were declared in 2020 and 2021. On December 30, 2022, the Board declared $50,000 in dividends. What amount, if any, of preferred dividends are in arrears as of December 31, 2022?
A. 120,000
B. $20,000
C. $0
D. $70,000
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