10. On January 1, 2017, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2018, Riley Corporation declared and paid its first dividend. What dividends must the preferred stockholders receive in 2020, before any distribution may be made to common stockholders?

A) $0

B) $120,000

C) $360,000

D) $480,000