Bill & Lisa Ltd. did not pay dividends on its 6.5%, $100 par value cumulative preferred stock during 2021 or 2022. Since 2015, 275,000 shares of this stock have been outstanding. Bill & Lisa Ltd. has been profitable in 2023 and is considering a cash dividend on its common stock that would be payable in December 2023.

Required:
Calculate the amount of dividends that would have to be paid on the preferred stock before a cash dividend could be paid to the common stockholders.