A corporation has 40,000 shares of 8% cumulative preferred stock authorised and 20,000 shares issued. Also, there are 20,000 shares of common stock outstanding. Par value of each share (both preferred and common stock) is $100. A $350,000 dividend is paid. What is the amount of dividends per share on common stock?

A) $8.00 B) $9.50 C) $17.5 D) None

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