On 1 July 2013, Framm Company issued 10 000 of its 10 per cent, cumulative preferred shares for $12.00. No dividends had been paid by Framm since then.

Finally, Framm reported on 30 June 2017 a robust profit along with a strong cash position, so it declared a dividend of $60 000 according to its Statement of Changes in Equity in this same date. How much of this dividend was paid to Framm's ordinary shareholders?

		$12 000
		$60 000
		$24 000
		None as the dividends in arrears amounted $60 000