Cornerstone Exercise 10-36 (Algorithmic) Preferred Stock Dividends

Seashell Corporation has 10,100 shares outstanding of 10%, $20 par value, cumulative preferred stock. In 2017 and 2018, no dividends were declared on preferred stock. In 2019, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock.

Required:

If the company has $200,000 available for dividends in 2019, how much could it pay to the common stockholders?