12. Pelletier Corporation has the following stock outstanding: Preferred Stock (6 percent, $10 par, 45,000 shares authorized,10,000 shares issued and outstanding) $100,000 Common Stock ($7 par, 250,000 shares authorized, 120,000 shares issued and outstanding) 840,000 Given this information, if Pelletier pays a $64,000 dividend, and if the preferred stock is cumulative and two years' dividends are in arrears, common stockholders will receive a. $58,000 b. $46,000 c. $32,000 d. $52,000