The shareholders' equity section of Charles Corporation at December 31, 2018 included the following: $ 400,000 $4 preferred shares, cumulative, 10,000 shares authorized, 4,000 shares issued Common shares, 500,000 shares authorized, 350,000 shares issued 2,000,000 Dividends were not declared on the preferred shares in 2018 and are in arrears. On September 15, 2019, the board of directors of Charles Corporation declared all of the required annual dividends on the preferred shares for 2018 and 2019, to shareholders of record on October 1, 2019, payable on October 15, 2019. The amount of total dividends declared on preferred shares on September 15, 2019 is $16,000. $64,000. $32,000. $20,000