Goody Co. had the following capital structure during year 1 and year 2:

Preferred stock, $10 par, 4% cumulative, 25,000 shares issued & outstanding - $250,000

Common stock, $5 par, 200,000 shares issued & outstanding - 1,000,000

Goody reported net income of $500,000 for the year ended December 31, year 2. Goody paid no preferred dividends during year 1 and paid $16,000 in preferred dividends during year 2. What amount of dividends is attributable to year 2?