A Corporation had the following stock as part of its stockholders equity:

-7%, $100 par Cumulative Preferred Stock, 45,000 shares authorized, 12,000 shares issued, 10,000 shares outstanding.

- $8 par, Common Stock, 250,000 shares authorized, 140,000 shares issued, 110,000 shares outstanding.

No dividends were declared in the past two years. In the current year, $300,000 is declared as dividend. The Dividend received

by common shareholders will be:

a.

$90,000

b.

$0

c.

$216,000

d.

$48,000