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

• Preferred stock, 9%, $50 par value, 2,000 shares issued and outstanding
• Common stock, $100 par value, 3,000 shares issued and outstanding
• Dividends in arrears for three prior years (20162018)
• Total dividends declared and paid in 2019 were $60,000.

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

A. 24,000

B. 36,000

C. 51,000

D. 9,000

D