Kassey Co. has 100,000 shares of $10 par value common stock and 5,000 shares of $100 par value 5% cumulative preferred stock outstanding. No dividends had been paid in either year 6 or year 7. Kassey Co. is planning to pay a cash dividend in year 8. If the cash dividend is for $60,000 in total, how much will be received by common stockholders? Multiple Choice $70,000 $0 $35,000