The shareholders' equity of Red Corporation includes $360,000 of $1 par common stock and $560,000 par of 8% cumulative preferred stock. The board of directors of Red declared cash dividends of $66,000 in 2021 after paying $36,000 cash dividends in 2020 and $56,000 in 2019. What is the amount of dividends common shareholders will receive in 2021?

Multiple Choice

$3,600

$12,400

$21,200

$53,600