17. The outstanding stock is composed of 10,000 shares of $50 par, cumulative preferred 10% stock, and 50,000 shares of $20 common stock. Preferred dividends have been paid every year except for the preceding year and the current year. If $240,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the preferred stockholders? a. $50,000 c. $120,000 b. $100,000 d. $40,000