An entity's capital structure as at December 31, 20x4 is as follows:

Preferred Shares, 7%, cumulative. $1046000

Common Shares. 7506000

The preferred share dividends were last paid on December 31, 20x1. On December 15, 20x4, the entity declared total dividends of $478000 Of this total, how much of the dividends were declared on the common shares?

Select one:

a.$331560

b.$478000

c.$404780

d.$258340