Outstanding stock of ABC Corporation included 8,000,000 shares of Php 1.50 par common stock and 4,500,000 shares of 5% Php 20 par cumulative preferred stock. In 20X1, ABC did not declare or pay any dividends. In 20X2, ABC declared and paid dividends of Php 10,000,000. How much of the 20X2 dividend was distributed to its common shareholders?

a) Php 1,000,000

b) Php 4,000,000

c) Php 4,500,000

d) Php 9,000,000