Ennis, Inc. has 35,000 common shares issued at a $2.25 par value of which 22,000 are outstanding. If Ennis has no other outstanding stock, what size dividend must be paid such that each share receives $3.20?

Select one:

A. $96,500

B. $52,500

C. $70,400

D. $44,000

E. None of the above