MaCleod Company has the following outstanding stocks:

• Preferred Stock (4%, $5 par,8,000 shares issued and outstanding)
• Common Stock ($1 par, 40,000 shares issued and outstanding)

The preferred stock is cumulative, and MaCleod Company had 3-year dividends in arrears when they declared dividends of $10,000.

How much of the $10,000 will go to the common shareholders?

$0

$3,600

$10,000

$6,400

$1,600