Bill & Lisa Limited did not pay dividends on its $7\mathrm{.}0\%,$ $$100$ par value cumulative preferred stock during $2021$ or $2022.$ Since $2015,90,000$ shares of this stock have been outstanding. Bill & Lisa Limited has been profitable in $2023$ and is considering a cash dividend on its common stock that would be payable in December $2023.$

Required:

Calculate the amount of dividends that would have to be paid on the preferred stock before a cash dividend could be paid to the common stockholders.

Amount of dividends