Which of the following is not a characteristic of cumulative preferred shares? O In the event of liquidation, all cumulative preferred dividends must be paid before common shareholders receive any cash. O Common share dividends cannot be paid until all current and prior cumulative preferred share dividends are paid in full. O Dividends in arrears are treated as a liability since the obligation exists to pay those dividends. O Dividends in arrears must be disclosed in the notes to the financial statements