Burkert Company has 50,000 shares of $1 par value common stock issued and outstanding. The company also has 4,000 shares of $100 par value, 4% cumulative preferred stock outstanding. Burkert did not pay the preferred dividends in 2014 and 2015. What amount of dividends must the company declare in 2016 for the common stockholders to receive a dividend of $1?

A.

$ 48 comma 000$48,000

B.

$ 16 comma 000$16,000

C.

$ 64 comma 000$64,000

D.

$ 32 comma 000