Racer Corporation's December 31, 201X balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000 shares authorized;10,000 shares issued.................$200,000 Common stock, $10 par value, 2,000,000 shares authorized; 1,300,000 shares issued, 1,280,000 shares outstanding..........................................$13,000,000 Paid-in Capital in excess of par value-- .... Preferred stock.....................................................................40,000 Paid-in Capital in excess of par value-- .....Common Stock...............................................................18,000,000 Retained Earnings.................................................................5,100,000 Treasury stock (10,000 shares)..............................................420,000 Racer declared and paid a $50,000 cash dividend on December 15, 201X. If the company's dividends in arrears prior to that date were $12,000. Racer's common stockholders received

Question 4 options:

	$38,000
	$22,000
	$18,000
	no dividend