Rosie Inc. did not pay dividends on its $3.50, $50 par value, cumulative preferred stock during 2021 or 2022, but had met its preferred dividend requirement in all prior years. Since 2017, 38,000 shares of this stock have been outstanding. Rosie Inc. 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.