AW, Inc. has 5,000 shares of 8%, $100 par value, cumulative preferred stock outstanding and 50,000 shares of $1 par value common stock outstanding at December 31,2019. There were no dividends declared in 2018. The board of directors declares and pays $60,000 in dividends in 2019. What is the amount of dividends received by common stockholders in 2019?

• A. $60,000
• B. $0
• C. $20,000
• D. $40,000