Orleans, Inc was incorporated on January 1, 2014. Orleans issued 8,000 shares of common stock and 700 shares of preferred stock on the date. The performed stock is cumulative, $100 par, with an 11% dividend rate. Orleans has not paid any dividends yet, in 2017, Orleans has its first profitable year, and on November 1, 2017. Orleans declared a total dividend of $66,000. What is the total amount that will be paid to preferred shareholders? $30, 800 $5, 600 $66,000 $7, 700