Brazee Company has the following paid-in capital:

Preferred stock, 6%, $5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $2,000,000 Common stock, $9 par value, 300,000 shares authorized, 220,000 shares issued and outstanding $1,980,000

If the company pays a $70,000 dividend, and the preferred stock is cumulative and two years' dividends are in arrears, what is the amount the common stockholders will receive?

Multiple Choice

$34,000

$46,000

$58,000

$70,000