Brazee Company has the following paid-in capital: Preferred stock, 6%, $5 par value, 100,000 shares authorized, 40,000 shares issued and outstanding$2,000,000 Common stock, $9 par value, 300,000 shares authorized, 220,000 shares issued and outstanding$1,980,000 If the company pays a $70,000 dividend, and the preferred stock is cumulative and two years' dividends are in arrears, what is the amount the common stockholders will receive?
A. $46,000
B. $34,000
C. $70,000
D. $58,000
Answer: B
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