Waterway Industries has outstanding 595000 shares of $2 par common stock and 130000 shares of no-par 6% preferred stock with a stated value of $5. The preferred stock is cumulative and nonparticipating. Dividends have been paid in every year except the past two years and the current year.

Assuming that $95000 will be distributed as a dividend in the current year, how much will the preferred stockholders receive?

$35000.

$39000.

$78000.

$95000.