Mountain Mikes, LLC has 450 shares of $240 par value, 8% cumulative preferred stock and 30,000 shares of $35 par value common stock outstanding. The following dividends were paid:

Year 1: $ 5,000

Year 2: $32,000

What was the cash dividend paid to common shareholders in the second year?

Select one:

a. $12,280

b. 32,000

c. $0

d. $19,720