35 Archer Inc., has 5,000 shares of 8%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2016 and 2017. There were no dividends declared in 2016. The board of directors declare and pay a $60,000 dividend in 2017. What is the amount of dividends received by the common stockholders in 2017? c. $60,000. b. $40,000. d. $20,000 a. So