Assume the following capital structure:

Preferred stock, 10%, $50 par value, 1,500 shares issued and outstanding with dividends in arrears for three prior years (2011 - 2013).

Common stock, $100 par value, 2,500 shares issued and outstanding.

Total dividends declared and paid in 2014 were $55,000. How much of the 2014 dividend will be paid to the common stockholders assuming the preferred stock is cumulative?

$30,000.

$55,000.

$47,500.

$25,000.