MSU Company has the following shares of stock outstanding:

Preferred, 8%,$100 par, 10,000 shares (Dividends are one year in arrears.)

Common, $1 par, 100,000 shares.

On October 22, the board of directors declared dividends totaling $200,000, payable on December 24 to shareholders of record as of November 24. Determine total dividends due assuming that the preferred stock is cumulative.

A. Common - $40,000

B. Common - $100,000

C. Preferred - $200,000

D. Preferred - $80,000