Sage Hill Company has $23,500$ shares of $$1$ par common stock issued and outstanding. The company also has $2,500$ shares of $$100$ par $3\%$ cumulative preferred stock outstanding. The company did not pay the preferred dividends in $2018$ or $2019.$ What amount of dividends must the company pay the preferred shareholders in $2020$ if they wish to pay the common stockholders a dividend?