Shea Company has 20,000 shares of 5 percent, $40 par value, cumulative preferred stock. In 2008, no dividends were declared on preferred stock.

In 2009, Shea had a profitable year and decided to pay dividends to stockholders of both preferred and common stock. If they have $150,000 available for dividends in 2009, how much could it pay to the common stockholders?

a. $70,000

b. $110,000

c. $130,000

d. $150,000