Norton Corporation has the following shareholders equity at year end September 30, 2020:

Shareholders' Equity Share Capital $ 10 Preferred Shares, cumulative 10,000 shares authorized, 5,000 shares issued $ 5,000,000 Common Shares, 200,000 shares authorized, 10,000 shares issued 200,000 Total Share Capital 5,200,000 Retained Earnings 570,000 Total Shareholders Equity $ 5,770,000

On September 15, 2020, Norton Corporation declared a $ 170,000 cash dividend to be paid on October 15 to shareholders of record on September 28. Assuming that the preferred dividends have NOT been paid for fiscal years 2018 and 2019, the total amount of the dividends paid to the preferred shareholders on October 15, 2020 would be:

a) $50,000

b) $0

c) $170,000

d) $150,000