The following information is provided for Bold Company for the year 2019:

• Preferred stock, 8%, $50 par value, 1,900 shares issued and outstanding
• Common stock, $100 par value, 2,900 shares issued and outstanding
• Dividends in arrears for three prior years (2016-2018)
• Total dividends declared and paid in 2019 were $59,000.

How much of the 2019 dividend payment was paid to the common stockholders assuming the preferred stock is cumulative?

Multiple Choice

• $51,400.

• $28,600.

• $30,400.

• $59,000.