Smith Industries, Inc. has 4,000 shares of common stock, par value $2 and has 1,000 shares of 8%, $50 par value, non cumulative preferred stock. Three years of dividends are in arrears. The board of directors declared a $70,000 dividend. How much of the dividend will the preferred stockholders receive? 516,000 $70,000 $8,000 $4,000