Laurel Designs has 1,400 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2022. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2022 or 2023. The company plans to pay total dividends of $16,000 in 2024. How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders?

Laurel Designs has 1,400 shares of 7%,$50 par value cumulative preferred stock issued at the beginning of 2022 . All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2022 or 2023 . The company plans to pay total dividends of $16,000 in 2024 . How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders