Fondy Corporation issued 40,000 shares outstanding of 6%, $5 par value, cumulative preferred shares. In 2020 and 2021, no dividends were declared on preferred shares. In 2022, Fondy had a profitable year and decided to pay dividends this year.

If Fondy has $48,000 available for dividends in 2022, how much would be paid to the common shareholders? Show your supporting calculations