A company pays dividends of $1 per share per year. The company has 1,000,000 shares authorized, 700,000 shares issued, and 600,000 shares outstanding in 2018. The amount of dividends paid in 2018 is:

a. $1,000,000

b. $700,000

c. $600,000

d. $1,300,000

e. None of the above is correct.

Please explain thought process