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

• Preferred stock, 5%, $50 par value, 1,800 shares issued and outstanding
• Common stock, $100 par value, 2,800 shares issued and outstanding
• Dividends in arrears for three prior years (2016-2018)
• Total dividends declared and paid in 2019 were $58,000.

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

Multiple Choice

• $4,500.

• $53,500.

• $18,000.

• $40,000.