The following information is provided for Bold Company for the year 2019: • Preferred stock, 6%, $50 par value, 1,000 shares issued and outstanding • Common stock, $100 par value, 2,000 shares issued and outstanding • Dividends in arrears for three prior years (2016-2018) • Total dividends declared and paid in 2019 were $50,000. How much of the 2019 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?