Electric, Inc. was incorporated on January 1, 2016. Electric issued 9,000 shares of common stock and 1,100 shares of preferred stock on that date. The preferred stock is cumulative, $100.00 par, with an 12% dividend rate. Electric has not paid any dividends yet. In 2019, Electric had its first profitable year, and on November 1, 2019, Electric declared a total dividend of $59,000. What is the total amount that will be paid to preferred shareholders? OA. $52,800 OB. $59,000 OC. $13,200 OD. $12,000