Hometown Grocery, Inc. has 50,000 shares of common stock outstanding and 5,000 shares of preferred stock outstanding. The common stock is $1.00 par value; the preferred stock is 5% noncumulative with a $100.00 par value. On October 15, 2018, the company declares a total dividend payment of $42,000. What is the amount of dividend that will be paid for each share of common stock? (Round your answer to the nearest cent.) O A. $0.34 B. $500.00 C. $5.00 D. $1.19