Arp Corp.'s outstanding capital stock at December 15, 2011, consisted of the following:

30,000 shares of 5 percent cumulative preferred stock, par value $10 per share, fully participating as to dividends. No dividends were in arrears.

200,000 shares of common stock, par value $1 per share.

On December 15, 2011, Arp declared dividends of $100,000. What was the amount of dividends payable to Arp's common stockholders?