XYZCompany began operations in January, 2004, by issuing 2,000 sharesof 9%, cumulative, $50 par value preferred stock and 5,000 shares of $10 par value commonstock. XYZ did not pay any dividends in 2004, they paid $12,000 of dividends in 2005 and $8,000 ofdividends in 2006. In 2007, XYZ Company paid $45,000 of dividends to its stockholders. Calculatethe amount of the $45,000 dividend paid in 2007 that waspaid to common stockholders.