The following information is provided for Bold Company for the year 2017:

• Preferred stock, 7%, $50 par value, 2,900 shares issued and outstanding
• Common stock, $100 par value, 3,900 shares issued and outstanding
• Dividends in arrears for three prior years (20142016)
• Total dividends declared and paid in 2017 were $69,000.

How much of the 2017 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?

$10,150.

$40,600.

$28,400.

$58,850.