(Hi! I was hoping to get some help in learning how to solve the question below. Thank you!)

Wizard Corporation has 20,000 shares of noncumulative, 5%, $100 par, preferred stock outstanding as well as 100,000 shares of $3 par common stock. The Board of directors has passed dividends for the past three years, not counting the current year. The board of directors wants to give the common stockholders a $1.25 dividend per share. The total dividends to be declared must be_____.

A. $60,000

B. $100,000

C. $225,000

D. $125,00