The following is information related to the shares of the JFC Company at the beginning of 2018 (during the year these amounts did not change): Preferred shares (par value $ 10.6%) $ 800,000 Common Shares 3,200,000 No dividends were declared for the years 2018 and 2019. However, in 2020, JFC declared a total dividend (for both types of shares) of $ 300,000. Determine the amount preferred shareholders will receive if the share is cumulative and nonparticipating.

a. $96,000

b. $144,000

c. $48,0000

d. $150,000