Percy Buys Stock in XTX Corporation That Pays Dividends of $5

Percy buys stock in XTX Corporation that pays dividends of $5 per share before dividends are paid on other stock of XTX.If the dividends are not paid in any given year, the dividends for that year must be paid when the company next declares dividends, until fully paid.Percy's dividends per year will not exceed $5 per share.Percy's stock is:

A) cumulative common stock.
B) noncumulative preferred stock.
C) cumulative preferred stock.
D) participating preferred stock.