Toga Ltd. currently has outstanding 20,000 no par value common shares with a carrying value of $200,000, and 10,000 no par value, $0.60, cumulative, fully participating preferred shares with a carrying value of $100,000. Dividends on the preferred shares are one year in arrears. Assuming that Toga wishes to distribute $54,000 in dividends, the common shareholders will receive

a) $12,000.

b) $22,000.

c) $32,000.

d) $42,000.