Peabody, Inc. has 5,000 shares of 7%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2017. If the board of directors declares a $45,000 dividend, the a. common stockholders cannot receive dividend. b. preferred shareholders will receive $35,000. c. common stockholders will receive the entire $45,000. d. preferred shareholders will receive the entire $45,000