This question is for Cumulative

Clinton Corporation is in its third year of operation and has provided to you the following information relating to the contributed capital of the corporation. Common stock has been authorized in the amount of 5,000,000 shares. 500,000 shares have been issued and 200,000 are outstanding. The par value is $20 per share and was sold at $25 per share. Preferred stock has been authorized in the amount of 800,000 shares. 200,000 have been issued and are outstanding. The preferred stock has an 6% dividend, a par value of $20 and a sale price of $20. The preferred stock in cumulative. Dividends declared and paid in: 2017 2018 2019 $0 $400,000 $600,000 2018 Preferred Stock Common Stock Total Dividends Dividends in Arrears Current Year Total 2019 Preferred Stock Common Stock Total Dividends Dividends in Arrears Current Year