Assume the following capital structure: Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding with dividends in arrears for three prior years (2007 - 2009). Common stock, $100 par value, 2,000 shares issued and outstanding. Total dividends declared and paid in 2010 were $50,000. How much of the 2010 dividend will be paid to the common stockholders assuming the preferred stock is noncumulative?

		$12,000
		$3,000
		$47,000
		$38,000