Holy Grounds Coffee has the following stock outstanding: 6% Cumulative Preferred Stock, $100 Par: $600,000 Common Stock, $10 Par: $2,000,000 No dividends were paid for the previous two years. If Holy Grounds Coffee declares $120,000 of dividends in the current year, how much in dividends will preferred stockholders receive? (Round your answers to the nearest dollar.) (Numbers only. Do not use dollar signs, commas or decimals.)