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 (2016-2018)

Total dividends declared and paid in 2019 were $50,000.

Assuming the preferred stock is noncumulative, what amount of the 2019 dividend declaration for the amount of dividends in arrears was recorded with a credit to the Dividends payable account on the date of declaration?