Out of Texas had a very successful year and the board of directors declared and paid a cash dividend of $50,000. The prior year, Out of Texas did not pay dividends on 400 shares of cumulative, 8%,...

Out of Texas had a very successful year and the board of directors declared and paid a cash dividend of $50,000.  The prior year, Out of Texas did not pay dividends on 400 shares of cumulative, 8%, $100 par, preferred stock.  How much of the cash dividends were paid to preferred shareholders?

Group of answer choices