Matt Schmidt Company's ledger shows the following balances on December 31, 2019. 7% Prefered stock - $10 par value, outstanding 20,000 shares $200,000 Common stock - $ 100 par value, outstanding 30,000 shares 3,000,000 Retained earnings 630,000 Assume that the directors decide to declare total dividends in the amount of $366,000, determine how much in total Common Shareholders should receive if the preferred stock is noncumulative and is participating in distributions in excess of a 10% dividend rate on the common stock. One year's dividends are in arrears on the preferred stock. 300,000 348,750 314,000 $48,750