The following information is provided for Bold Company for the year 2017: Preferred stock, 8%, $50 par value, 1,300 shares issued and outstanding Common stock, $100 par value, 2,300 shares issued and outstanding Dividends in arrears for three prior years (20142016) Total dividends declared and paid in 2017 were $53,000. How much of the 2017 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?