at december 31 of year 2 and year 3, apex co. had 3,000 shares of $100 par, 5% cumulative preferred stock outstanding. no dividends were in arrears as of december 31, year 1. apex did not declare a dividend during year 2. during year 3, apex paid a cash dividend of $10,000 on its preferred stock. apex should report dividends in arrears in its year 3 financial statements as a (an)
