Court Company has outstanding 10,000 shares of 10 percent, $50 par-value, cumulative, nonparticipating preferred stock and 25,000 shares of $20 par-value common stock. No dividends were declared in 20X1. In 20X2, the directors voted to distribute dividends of $48,000. What amount of dividends, if any, will be distributed to holders of preferred stock? A. $50 B. $5 C.$50,000 D. $48,000