On January 1, Year 1, a company issued 5,000 shares of $5, 6% cumulative preferred shares and 25,000 common shares. No dividends were declared or paid in Year 1 or Year 2. In Year 3, the company wishes to declare a dividend of $2 per share to the common shareholders. What is the total amount of dividends that must be declared in Year 3? a. $4,500 b. $45,500 c. $50,000 d. $54,500