Smith Industries, Inc. has 4,000 shares of common stock, par value $2 and has 2,000 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?

$70,000

$4,000

$32,000

$8,000