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The outstanding stock is composed of 10,000 shares of $100 par, cumulative, nonparticipating preferred $8 stock, and 50,000 shares of no-par common stock. Preferred dividends

The outstanding stock is composed of 10,000 shares of $100 par, cumulative, nonparticipating preferred $8 stock, and 50,000 shares of no-par common stock. Preferred dividends have been paid every year except for the preceding two years and the current year. If $160,000 is to be distributed as a dividend of the current year, what total amount will be distributed to the preferred shareholders?

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