Madison Co. paid dividends of $11,000; $22,000; and $34,500 during 2012, 2013 and 2014 respectively. The company had 1,725 shares of preferred stock outstanding with a $10 per share cumulative dividend. The amount of dividends received by the common shareholders during 2014 would be:

$11,000.

$17,250.

$15,750.

$22,000.