The following information is taken from the statement of financial position and related disclosures of Blue Bird Corporation: $5,400,000 40,000 shares Total contributed capital Outstanding shares: $1.50 preferred shares, no-par-value, callable at $25.50, issued at $25 per share Common shares, no-par-value Preferred dividends in arrears Total shareholders' equity 100,000 shares two years $4,700,000 Which of the following statements is not correct? Select one: O a. The preferred dividends in arrears amount to $120,000 and should appear as a liability in the corporation's statement of financial position. O b. The average issue price per common share is $44. c. The shareholders' equity section of the statement financial position should show a deficit of $700,000 O d. The corporation has not paid any dividends on common shares during the past two years