12) Torino Company has 1,700 shares of $20 par value, 4.5% cumulative preferred stock and 17,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: 12) A) $2,560. B) $1,030. C) $3,060. D) $1,530. E) $500