Joe’s Socks declared and paid cash dividends of $40,000. There were 1,000 shares of 6%, $10 par value preferred stock outstanding. How much of the cash dividends were paid to preferred shareholders?...

Joe’s Socks declared and paid cash dividends of $40,000. There were 1,000 shares of 6%, $10 par value preferred stock outstanding. How much of the cash dividends were paid to preferred shareholders?

Group of answer choices

A)$40,000.