Johnson Company had the following stock outstanding from January 1, Year 1 to December 31, Year 4:

Common stock, $10 par, 20,000 shares issued and outstanding

Preferred stock, $100 par value, 6%, 5,000 shares issued and outstanding

Also during that time, the company paid dividends as follows:

Year 1 $80,000

Year 2 $ 0

Year 3 $30,000

Year 4 $70,000

Assuming the preferred stock is cumulative, what amount of dividends were paid to the common stockholders in Year 4?

	a.	0
	b.	$10,000
	c.	$40,000
	d.	$70,000
	e.	none of the above