Lopez, Inc. has 2,500 shares of 6%, $50 par value, cumulative preference shares and 50,000 ordinary shares with a $1 par value outstanding at December 31, 2016, and December 31, 2017. The board of directors declared and paid a $5,000 dividend in 2016. In 2017, $22,000 of dividends are declared and paid. What are the dividends received by the preference and ordinary shareholders in 2017? Preference Ordinary a. $12,000 $10,000 b. $11,000 $11,000 c. $10,000 $12,000 d. $7,500 $14,500