At the start of its first year, a corporation issued 10,000 shares of 7%, $100 par value, non- cumulative preferred stock and 40,000 shares of $1 par value common stock. There were no dividends declared in the first year. In its second year, the corporation declared and paid dividends of $120,000. What is the amount of dividends received by the common stockholders in the second year? O $70,000 $20,000 $0 $120,000 $50,000