Please solve the following and show all steps:

Question 6: (6 marks) Profitable Inc. pays dividends totaling $50,000. The company has 2,000 shares of preferred stock outstanding with related share capital of $20,000. The company has 6,000 common stock outstanding with related share capital of $60,000. The preferred shares have a stated dividend rate of $3 per share, and are entitled to participate fully with common shareholders in the distribution of residual profits after common shareholders receive a pro-rata dividend based on book values in the share capital accounts. Required: How much of the $50,000 dividend is paid to the common shareholders? Please show all calculations for full marks