When the Board of Directors Declares a Cash Dividend, the Owners

When the board of directors declares a cash dividend, the owners of noncumulative preferred stock must receive:

A) all dividends in arrears plus the current year's dividend.
B) the current year's dividend, but no dividends in arrears.
C) dividends in arrears, but not the current year's dividend.
D) neither the current year's dividend nor dividends in arrears.