Problem: Outstanding stock of the Wildhorse Corporation included 42800 shares of $5 par common stock and 10700 shares of 5%, $10 par non-cumulative preferred stock. In 2024, the company's board of directors declared and paid dividends of $4280. In 2025, the board of directors declared and paid dividends of $21400. How much of the 2025 dividend was distributed to preferred shareholders?
- $9630.
- $16050.
- $5350.
- None of these answer choices are correct.