ABC Company's outstanding stock consists of (a) 50,000 shares of 10%, $12 par value preferred stock and (b) 300,000 shares of common stock with $1 par value. During its first three years of operations, the company declared and paid the following cash dividends: 2017... $ 24,000 2018.. 36,000 2019.. 177,000 Required: Compute the amount of dividends paid in 2019 to preferred stock assuming that the preferred stock is participating to 12.5% and cumulative.