Vangaurd Corporation's December 31, 2014 balance sheet showed the following:

8% preferred stock, $20 par value, cumulative, 20,000 shares

authorized; 15,000 shares issued$300,000

Common stock, $10 par value, 2,000,000 shares authorized;

1,950,000 shares issued, 1,920,000 shares outstanding19,500,000

Paid-in capital in excess of parpreferred stock60,000

Paid-in capital in excess of parcommon stock27,000,000

Retained earnings7,500,000

Treasury stock (30,000 shares)630,000

Vangaurd declared and paid a $96,000 cash dividend on December 15, 2014. If the company's dividends in arrears prior to that date were $20,000, Vangaurd's common stockholders received

a.

$76,000.

b.

$44,000.

c.

$52,000.

d.

$0.