I. Select the correct answer (75 points) Art, Inc., has 2,500 1. shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value 2020. There were no dividends declared in pays a $22,500 dividend in 2019 and in 2020. What is the amount of 2018. The board of directors declares and dividends received by the common stockholders in 2020? a. $7,500 b. $12,500 c. $22,500 d. $0