The following information is provided for Bold Company for the year 2019: Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding Common stock, $100 par value, 2,000 shares issued and outstanding Dividends in arrears for three prior years (2014-2016) Total dividends declared and paid in 2019 were $50,000.

preferred stock is noncumulative, what amount of the 2017 dividend declaration for the amount of dividends in arrears was recorded with a credit to the Dividends payable account on the date of declaration?

-12,000

-3,000

-0

-50,000