Sonny's Sails has declared a $48,000 cash dividend to shareholders. The company has 5,000 shares of $20par, 5% preferred stock and 11,000 shares of $15par common stock. The preferred stock is noncumulative. How much will be distributed to the preferred and common stockholders on the date of payment?

Sonny's Sails has declared a $48,000 cash dividend to shareholders. The company has 5,000 shares of $20-par 5% preferred stock and 11,000 shares of $15 par common stock. The preferred stock is cumulative. How much will be distributed to the preferred and common stockholders on the date of payment? O A. $43,000 preferred, $5,000 common O B. $5,000 preferred, $43,000 common O C. $0 preferred, $48,000 common O D. $48,000 preferred, $0 common