Topper Corporation has 55,000 shares of $1 par value common stock and 32,000 shares of cumulative 5.6%, $100 par preferred stock outstanding. Topper has not paid a dividend for the prior year. If Topper declares a $1.20 per share dividend this year, what will be the total amount they must pay their shareholders?

$66,000.

$245,200.

$424,400.

$121,000.