Queensland Corporation issued 15,000 shares of 5%, $60 par cumulative preferred stock in 2014 and has distributed the following dividends each year:

2014: $0

2015: $30,000

2016: $40,000

If Queensland declares $175,000 in dividends for the current year (2017), what amount will be available for common stockholders?

A : $0

B : $110,000

C : $65,000

D : $85,000