Recording and Reporting Preferred Stock Cedar Corporation is authorized to issue 24,000 shares of 6%, $10 par, cumulative preferred stock. During 2020, it sold 4,800 shares of preferred stock for $25 per share. Required a. Record the entry for the issuance of preferred stock during 2020. Account Name Dr. Cr. Preferred Stock b. Assume the company is preparing financial statements for the year ended 2023. If the company had not declared or paid dividends in any year to preferred shareholders, what would the company report as dividends in arrears on December 31, 2023? Dividends in arrears 5