Which of the following statements is true with regard to 7% cumulative, participating preferred stock?

a. Stockholders who hold this type of stock are guaranteed a dividend each year.

b. The issue price of this stock is reported in the preferred stock account on the balance sheet

c. if the corporation pays a per share dividend in excess of 7% of the preferred stock's par value and there are no dividends in arrears, the preferred shares will receive a share of the amounts available for distribution as dividends to other classes of stock.

d. If dividends are not declared, they accumulate and a liability must be reported on the balance sheet for any amount in arrears that is owed to the preferred stockholders