Assume the following capital structure: Preferred stock, 8%, $50 par value, 2,500 shares issued and outstanding with dividends in arrears for three prior years (2011 - 2013). Common stock, $100 par value, 3,500 shares issued and outstanding. Total dividends declared and paid in 2014 were $65,000. How much of the 2014 dividend will be paid to the preferred stockholders assuming the preferred stock is cumulative?

$55,000. $25,000. $10,000. $40,000.