An entitys capital structure as at December 31, 20x4 is as follows:

Preferred Shares, 7%, cumulative	$1189000
Common Shares	7597000

The preferred share dividends were last paid on December 31, 20x1. On December 15, 20x4, the entity declared total dividends of $487000 Of this total, how much of the dividends were declared on the common shares?

Select one:

a. $320540

b. $237310

c. $487000

d. $403770