26. Sun Corporation has the following shares outstanding: 10,000, $6, no par value, cumulative Preferred shares 40,000 Common shares $1,000,000 2,000,000 No dividends were paid the previous two years. If Sun declares $400,000 of dividends in the current year, how much will preferred shareholders receive? a. $220,000 b. $120,000 c. $60,000 d. $180,000