Maliha, Inc., did not pay dividends on its $6.75, $41 par value, cumulative preferred stock during 2012 or 2013. Since 2008, 24,000 shares of this stock have been outstanding. Maliha, Inc., has been profitable in 2014 and is considering a cash dividend on its common stock that would be payable in December 2014.

A. Calculate the amount of dividends that would have to be paid on the preferred stock before a cash dividend could be paid to the common stockholders.