Exercise $10-5($Algo$)$ Determine the amount of dividends on preferred stock $($LO$10-3)$

Anthony's Athletic Apparel has $1,200$ shares of $6\%,$ $$100$ par value preferred stock the company issued at the beginning of $2023.$ All remaining shares are common stock. The company was not able to pay dividends in $2023,$ but plans to pay dividends of $$17,000$ in $2024.$