Outstanding stock of the Splish Brothers Inc. included 52000 shares of $5 par common stock and 16000 shares of 5%, $10 par non-cumulative preferred stock. In 2019, Splish declared and paid dividends of $15600. In 2020, Splish declared and paid dividends of $46800. How much of the 2020 dividend was distributed to preferred shareholders?

$38800.

$23600.

$8000.

None of these answer choices are correct.