A company has $10 par common stock outstanding with a total par value of $4,000,000 and 5%, $50 par cumulative, nonparticipating preferred stock with a total par value of $3,000,000. No dividend was declared on the stock in the last year. In the current year, the company earned a net income of $1,700,000 and dividends paid, included a dividend of $3 per share on the common stock. What is the total amount of dividend paid to shareholders in the current year?

a.$1,350,000

b.$300,000

c.$1,500,000

d.$1,700,000