A company is authorized to issue 200,000 $2 non-cumulative preferred shares and 5,000,000 common shares. On January 1, 2016, the company had 10,000 preferred shares and 150,000 common shares issued and outstanding. The company did not issue new and preferred shares or common shares in 2016. It declared cash dividends to preferred and common shareholders on Dec 31, 2016. what is the total cash dividend on the preferred shares?

A) $300,000

B)$10, 000

C) $20,000

D) None of the above

E) 400,000