Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000 shares authorized; 20,000 shares issued $ 400,000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Paid-in capital in excess of par value - preferred stock 60,000 Paid-in capital in excess of par value - common stock 28,000,000 Retained earnings 9,650,000 Treasury stock (30,000 shares) 630.000 Nance declared and paid an $85,000 cash dividend on December 15, 2017. If the company's dividends in arrears prior to that date were $24,000. received O $61,000. $48,000. $37,000. no dividend