8) 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.

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.