Laurel Designs has 2,000 shares of 5%,$50 par value cumulative preferred stock issued at the beginning of 2022 . All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2022 or 2023 . The company plans to pay total dividends of $16,000 in 2024 . How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders
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