1. Motor Works, Inc. has declared a cash dividend of $20,000 to shareholders. The company has 5,000 $15 par shares, 10% preferred stock, and 10,000 $20 par common shares. Preferred shares are cumulative.
2. 
   
3. How much will be distributed to preferred and common stockholders on the payment date if the preferred stock is $8,000 in arrears?