The following information is provided for Bold Company for the year 2019:

• Preferred stock, 6%, $50 par value, 2,800 shares issued and outstanding
• Common stock, $100 par value, 3,800 shares issued and outstanding
• Dividends in arrears for three prior years (2016-2018)
• Total dividends declared and paid in 2019 were $68,000.

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?

Multiple Choice:

• $8,400.

• $0.

• $34,400.

• $33,600.