At the start of its first year, a corporation issued 40,000 shares of $5 par common stock and 20,000 shares of 6%, $10 par cumulative preferred stock. The corporation declared and paid dividends of $8,000 in its first year. In its second year, the corporation declared and paid dividends of $24,000. How much of the second year dividend was distributed to preferred shareholders? $16,000 $28,000 $12,000 $2,000 $2,400