Oceanview Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. Assuming that total dividends declared in 2014 were $80,000 and that the preferred stock is cumulative with two years' preferred dividends in arrears on December 31, 2013, the preferred stockholders should receive 2014 dividends totaling (do not show your work; just enter your answer):