Peg Corporation's ledger includes the following selected account balances at December 31, 2019: Amount Account Paid-in Capital in Excess of Par Value, Common 580,000 Cash 920,000 Unearned Revenue 55,000 Premium on Bonds Payable 80,000 Retained Earnings 300,000 Cash Dividends Payable 80,000 Treasury Stock, Common, 20,000 shares 40,000 Accounts Payable 120,000 Preferred Stock, 12% $100 par value, 4,000 shares issued 400,000 Bonds Payable, 14% 900,000 Common Stock, $1 par value, 240,000 shares issued 240,000 Assuming the Preferred Stock is "Cumulative", the preferred shareholders would be entitled to receive total annual dividends of: $ 48,000. A. $ 70,800 $400,000 C D. none of the above. E. $ 40,000