1. A company has 10,000 shares of $20 par, 3% preferred stock outstanding, and 25,000 shares of $8 par common stock outstanding. The preferred stock is cumulative and no dividends have been paid for the past two years. If the company wishes to distribute $8 per share to the common stockholders, what is the total amount of dividends that must be paid in the current year?

   	A.	$218,000
   	B.	$203,000
   	C.	$206,000
   	D.	$290,000