At the beginning of 2016, Emily Corporation issued 12,000 shares of $100 par, 7%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred or common shareholders. What amount of dividends will a preferred shareholder owning 100 shares receive in 2018 if Emily pays $1,000,000 in dividends?

Multiple Choice

$840.

$12,000.

$2,310.

$2,100.