Springer Corp. has 12,000 cumulative preferred shares that pay a dividend of $1.00 per share. It also has 30,000 common shares outstanding. In 2018 and 2019 it did not pay any dividends due to poor earnings. This year in 2020, the Board of Directors decided to pay out $70,000 in dividends.

What is the amount of the dividends that would be paid to the common shareholders?