B&B Corporation is authorized to sell 60,000 shares of $10 par, 6% cumulative preferred stock and 90,000 shares of $6 par common stock. There are 30,000 shares of preferred stock outstanding and 30,000 shares of common stock outstanding. A $40,000 cash dividend has been declared by the board of directors. No dividends in arrears exist. What is the total amount to be given to the preferred shareholders?