What amount of the dividend declaration for dividends

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Question - The following information is provided for Bold Company for the year 2019:

Preferred stock, 7%, $50 par value, 2,300 shares issued and outstanding.

Common stock, $100 par value, 3,300 shares issued and outstanding.

Dividends in arrears for three prior years (2016-2018).

Total dividends declared and paid in 2019 were $63,000.

Assuming the preferred stock is cumulative, what amount of the 2019 dividend declaration for dividends in arrears was recorded with a debit to the Dividends payable account on the date of declaration?

Reference no: EM133106771

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