Which of the following statements is characteristic of $7\%$ cumulative, participating preferred shares?

Group of answer choices

Shareholders who hold this type of shares are guaranteed a dividend each year of at least $7\%$ of the stated value of the preferred shares.

If dividends are not declared, they accumulate and a liability must be reported on the statement of financial position for any amount in arrears that is owed to shareholders who hold this type of shares.

Shareholders who hold this type of shares will receive, in addition to a per share dividend of $7\%$ of the stated value of the preferred shares, a share of any additional amounts being distributed as dividends to other classes of shares.

Shareholders who hold this type of shares are eligible for an annual dividend of $7\%$ of the stated value of the preferred shares, and have the right to participate as voting members during shareholder meetings.