Which one of the following statements about preferred stock is true?

• If preferred dividends are non-cumulative, then preferred dividends not paid in a particular year will be carried forward to the next year.

• Unlike dividends paid on common stock, dividends paid on preferred stock are a tax-deductible expense.

• Preferred stock usually has a stated liquidating value of $100 per share.

• Dividends on preferred stock payable during the next twelve months are considered to be a corporate liability.

• There is no significant difference in the voting rights granted to preferred and common shareholders.