Rachel's Designs has 1,400 shares of 7%,$50 par value cumulative preferred stock issued at the beginning of 2019 . All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020 . The company plans to pay total dividends of $16,000 in 2021 . How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Answer is complete but not entirely correct