The Salt Company has a retained earnings balance of $62,000 and the following Equity outstanding: 8,000 preferred shares ($3 cumulative dividend) 50,000 common shares The preferred shares did not receive any dividends in 2020 and the Board of Directors declares $40,000 dividends in 2021. How much will each preferred share be paid in 2021? OA $1.00 B. $5.00 C. Nothing D. $6.00 E. $3.00