XYZ compnay has the following shares of stock outstanding:

perferred, 8%, $100 par, 10,000 shares (dividends are one year in arears)

common, $1 par, 100,000 shares

On October 22, the board of directors delcared dividends totaling $200,000, payable on December 24 to shareholders of record as of November 24. Determine total dividends due assuming that the perferred stock is cumulative.

a. Perferred-$200,000

b. Common-$100,000

c. Perferred-$80,000

d. Common-$40,000