Eugene Corporation issued 25,000 shares outstanding of 6%, $5 par value, cumulative preferred stock. Eugene purchased 5,000 shares of its preferred stock to remain in its treasury. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock.
Required:
If Eugene has $75,000 available for dividends in 2019, how much could it pay to the common stockholders?