The Edwards Company has outstanding 3,000 shares of 11 percent, $200 par value cumulative preferred stock and $150,000 shares of $100 par value common stock. Retained earnings are $300,000. No dividends have been paid in the past three years or the current year. Retained earnings available at the end of the current year for the payment of dividends on the common stock are:

A)$300,000

B)$ 36,000

C)$0

D)$234,000