Question #3 XYZ Corporation has 10,000, $2 cumulative preferred shares and 110,000 common shares outstanding. At the beginning of the current year, preferred dividends were 3 years in arrears. The Board of Directors wants to pay a $1.50 cash dividend on each outstanding common share. To accomplish this, what TOTAL amount of dividends must they declare? a. $225,000 b. $165,000 c. $245,000