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The following information is provided for Bold Company for the year 2017:
- Preferred stock, 5%, $50 par value, 1,200 shares issued and outstanding
- Common stock, $100 par value, 2,200 shares issued and outstanding
- Dividends in arrears for three prior years (20142016)
- Total dividends declared and paid in 2017 were $52,000.
How much of the 2017 dividend payment was paid to the common stockholders assuming the preferred stock is noncumulative?
$49,000.
$12,000.
$40,000.
$3,000.
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