Bank, Rupp & Baroque, Inc. began on January 1, 2017 by issuing 100,000 shares of $1 par value common stock and 1,000 shares of $50 par value, 6% cumulative preferred stock. No dividends were declared in 2017 or 2018. Which of the following statements about this situation is correct?
A. Dividends in arrears should be disclosed in the notes to the 2017 and 2018 financial statements.
B. Dividends Payable should be reported on the December 31, 2018 balance sheet.
C. Dividends Payable should be reported on the December 31, 2017 balance sheet.
D. Dividends expense should be reported on the income statement for the year ended December 31, 2017.
Answer: A
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