The J&W Corporation's shareholders' equity as at December 31, 20x7 is as follows: Common shares, 1207105 shares outstanding $40,000,000 Preferred shares, $5.50, cumulative, 180491 $15,000,000 shares outstanding The preferred share dividends were last paid on December 31, 20x4. It is now December 1, 20x8 and management wants to pay a dividend of $3.98 per common share. What will be the total dividend declared on December 1, 20x8? Select one: O a. $8775080 O b. $7782379 O c. $4804278 O d. $5796978