Pond Co. has an authorized class of 9%, $50 par, cumulative, nonparticipating preferred stock. The common stock has a $10 par value. For each class of stock, 500,000 shares are authorized. At year end, Pond had the following account balances:

Common stock	$ 5,000,000
Preferred stock	1,250,000
Additional paid-in capital on common stock	1,500,000
Retained earnings	2,250,000
	$10,000,000

Preferred dividends are in arrears for 1 year. On December 31 of this year, cash dividends totaling $1 million were declared. How much were the dividends on common stock?

Answers:	A) $225,000
	B) $290,000
	C) $710,000
	D) $775,000