Colorful, Inc. was incorporated on January 1, 2016. Colorful issued 9,000 shares of common stock and 700 shares of preferred stock on that date. The preferred stock is cumulative, $100.00 par, with a 10% dividend rate. Colorful has not paid any dividends yet. In 2019, Colorful had its first profitable year, and on December 31, 2019, Colorful declared a total dividend of $40,000. What is the total amount that will be paid to common stockholders? O A. $12.000 B. $40,000 OC. $28.000 OD. $7,000