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The shareholders' equity section of Charles Corporation at December 3 1 , 2 0 2 4 , included the following: $ 4 preferred shares, cumulative,

The shareholders' equity section of Charles Corporation at December 31,2024, included the
following:
$4 preferred shares, cumulative,
10,000 shares authorized, 4,000 shares issued $400,000
Common shares, 500,000 shares authorized,
350,000 shares issued
2,000,000
Dividends were not declared on the preferred shares in 2024 and are in arrears.
On September 15,2025, the board of directors of Charles Corporation declared all of the annual
dividends on the preferred shares for 2024 and 2025, to shareholders of record on October 1,2025,
payable on October 15,2025.
The amount of total dividends declared on preferred shares on September 15,2025, is
$16,000.
$20,000.
$32,000.
$64,000.
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