Tsotne Company had the following shares outstanding during 2022: (a) Preferred stock, 7%, $50 par value, cumulative, 1,000 shares with dividends in arrears for 2020 and 2021. (b) Common stock, $100 par value, 2,000 shares. The total dividends declared for 2022 were $50,000. The total amount of dividends to which the preferred stockholders are entitled is