Malcolm Company has the following outstanding stock at the end of both 20X7 and 20X8: Preferred Stock (8%, $100 par value, 4,000 shares issued and outstanding) Common Stock ($1 par value, 220,000 shares issued and outstanding) No dividends were declared or paid in 20X7. If the company's preferred stock is NON-CUMULATIVE and the 20X8 dividend declared amounts to a total of $40,000, how much will go to preferred stockholders? $16,000 $32,000 $8,000 $64,000 $40,000