The following information is provided by the Bold Company for year 2019: 1. Preferred stock 5%. $50 par value, 3,000 shares issued and outstanding, 2.Common stock, $100 par value, 4,000 shares issued and outstanding, 3.Dividends in the arrears for three years ( 2016-2019), 4.Total dividends declared and paid in 2019 were $70,000. How much of the 2019 dividend payment was paid to the common stockholders assuming the preferred stock is non-cumulative. Which One?

1. $62,500, 2. $7,500, 3.$40,000 4. $30,000