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How should the dividend in arrears on preference shares

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Question - On December 31, 2018 and 2017 an entity had 30,000 10% cumulative preference shares of P100 par value outstanding. No dividends were in arrears on December 31, 2016. The entity did not declare a dividend during 2017. During 2018 the entity paid a cash dividend of P200.000 on preference shareholders. How should the dividend in arrears on preference shares be reported in the 2018 financial statements?

a. Accrued liability of P300,000

b. Disclosure of P300,000

c. Accrued liability of P400,000

d. Disclosure of P400,000

Reference no: EM132558824

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