Electric, Inc. was incorporated on January 1, 2016. Electric issued 14,000 shares of common stock and 1000 shares of preferred stock on that date. The preferred stock is cumulative, $100 par, with an 13% 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 $53,000. What is the total amount that will be paid to preferred shareholders?

$53,000

$13,000

$11,700

$52,000