Classic Cars Corp has 50,000 shares of $10 par common stock and 20,000 shares of $15 par fully participating 10% cumulative preferred stock. If the company declares cash dividends of $100,000 during the current year and there are no dividends in arrears, what will be the total dividend payment to preferred shareholders? A. $37,500 B. $42,500 OC. $57,500 OD. $62,500