The shareholders' equity section of Corey Corporation at December 31, 2017 included the following: Preferred shares, $4 cumulative, 10,000 shares authorized, 8,000 shares issued $800,000, Common shares, 500,000 shares authorized, 400,000 shares issued, $2,000,000. Dividends were not declared on the preferred shares in 2017 and are in arrears. On September 15, 2018, the board of directors of Corey Corporation declared all of the required dividends on the preferred shares to be paid to the shareholders of record on October 1, 2018 and payable on October 15, 2018.The amount of total dividends declared on preferred shares on September 15, 2018 is: $54,000.00 $32,000.00 $64,000.00 $40,000.00