Question $6$

$3$ pts

At the beginning of $2024,$ Best Dental Supplies had outstanding $2$ million shares of $$100$ par, $5\%$ cumulative, non$-$participating preferred stock and $10$ million shares of $$1$ par common stock.

During $2024,$ Best declared and paid cash dividends of $$36$ million. No dividends had been declared or paid during $2023.$ On January $12,$ Best issued a $5\%$ common stock dividend when the quoted market price the common stock was $$20$ per share.

What amount of cash dividend did Best distribute to common shareholders?

$$16$ million

$$10$ million

$$20$ million

$$24$ million