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 (20142016)
• Total dividends declared and paid in 2017 were $50,000.

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

$50,000.

$38,000.

$47,000.

$12,000.