Viejol Corporation has issued 3,000, $7 cumulative preferred shares and 10,000 common shares. Dividends have not been paid on the preferred shares for the current and one prior year. Viejol has recently prospered, and the board of directors has voted to pay out $49,000 from retained earnings in dividends. Once the $49,000 is paid out, how much would the preferred and common shareholders receive per share?

A. $14.00 per share preferred, $0 per share common.

B. $14.00 per share preferred, $0.70 per share common.

C. $7.00 per share preferred, $0.70 per share common.

D. $7.00 per share preferred, $2.80 per share common.

E. $14.00 per share preferred, $7 per share common.