The following information is provided for Bold Company for the year 2019 . Preferred stock, 6%. $50 par value 1000 shares issued and outstanding Common stock. $100 par value 2,000 shares issued and outstanding Dividends in arrears for three prior years (2016-2018) Total dividends declared and paid in 2019 were $50.000 Assuming the preferred stock is cumulative, what amount of the 2019 dividend declaration for dividends in arrears was recorded with a debit to the Dividends payable account on the date of declaration