At December 31, 20X1 and 20X2, Carr Corp. had outstanding 4,000 shares of $100 par value 6% cumulative preferred stock and 20,000 shares of $10 par value common stock. At December 31, 20X1, dividends in arrears on the preferred stock were $12,000. Cash dividends declared in 20X2 totaled $44,000. Of the $44,000, what amounts were payable on each class of stock? a. Preferred stock: $44,000 Common stock: $0 b. Preferred stock: $24,000 Common stock: $20,000 c. Preferred stock: $32,000 Common stock: $12,000 d. Preferred stock: $36,000 Common stock: $8,000