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

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

B.Preferred stock usually has no stated liquidating value.

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

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

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