As of 2024, a company has 1,600 shares of $70 par, 6.0% preferred stock outstanding and 100,000 shares of $1 par common stock outstanding. The preferred stock is cumulative. Preferred stockholders received their full dividend payment every year through 2021. However, the company did not pay any dividends in 2022 or 2023. Supposing that the company wants to distribute $7 per share to common stockholders in 2024, what is the total amount of dividends the company must pay (to preferred and common shareholders) at the end of 2024