Bruce Co. has 10,000 preferred shares and 86,000 common shares outstanding. The preferred shares are cumulative and carry a $5 dividend rate. No dividend declaration has been made and no dividends have been paid during the year. At the end of the current year, there are three years of dividends in arrears. In 2023, Bruce Co. reported net income of $500,000. What is the income available to common shareholders? a. $350,000 b. $50,000 c. $500,000 d. $450,000 Clear my choice