Sheffield Corp.s December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 35000 shares authorized; 21000 shares issued $ 420000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19700000 Paid-in capital in excess of par value - preferred stock 55000 Paid-in capital in excess of par value - common stock 27800000 Retained earnings 9050000 Treasury stock (30,000 shares) 660000

Sheffield declared and paid an $84700 cash dividend on December 15, 2020. If the companys dividends in arrears prior to that date were $20700, Sheffield's common stockholders received

$59500.

$49800.

$38800.

no dividend.