The Following Information Is Provided for Bold Company for the Year

Multiple Choice

The following information is provided for Bold Company for the year 2019: • Preferred stock,6%,$50 par value,1,000 shares issued and outstanding
• Common stock,$100 par value,2,000 shares issued and outstanding
• Dividends in arrears for three prior years (2016-2018)
• Total dividends declared and paid in 2019 were $50,000.
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How much of the 2019 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?

A) $12,000.
B) $3,000.
C) $47,000.
D) $38,000.