Maco Company has 20,000 shares of $100 par, 3% cumulative preferred stock and 100,000 shares of $75 par common stock. The following amounts were distributed as dividends: Year 1: $40,000 Year 2: 50,000 Year 3: 90,000 Determine the total amount of dividends in arrears for preferred stock for the second year. a. $25,000 b. $20,000 c. $15,000 d. $30,000