ABC Company paid total cash dividends of $45,000 in its first year of operation. ABC Company has 35,000 shares of $50 par value, 6.5% cumulative and nonparticipating preferred stock and 10,000 shares of $25 par value common stock outstanding. ABC Company has $50,000 in liquid assets and owns three trailers all valued at $25,000/each. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: