Which one of the following statements about preferred stock is true?
?If preferred dividends are non-cumulative, then preferred dividends not paid in a particular year will be carried forward to the next year.
?Unlike dividends paid on common stock, dividends paid on preferred stock are a tax-deductible expense.
?Preferred stock usually has a stated liquidating value of $100 per share.
?Dividends on preferred stock payable during the next twelve months are considered to be a corporate liability.
?There is no significant difference in the voting rights granted to preferred and common shareholders.