The following information is provided for Bold Company for the year 2017: Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding Common stock, $100 par value, 2,000 shares issued and outstanding Dividends in arrears for three prior years (2014-2016) Total dividends declared and paid in 2017 were $50,000. How much of the 2017 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?

Select one:

A.

$47,000.

B.

$38,000.

C.

$3,000.

D.

$12,000.