Buzz, Inc. has 8,000 shares of 5%, $50 par, cumulative preferred stock and 50,000 shares of $3 par common stock outstanding. No dividends were declared last year, however, a dividend of $50,000 was declared and paid this year. What amount of the total dividend was paid to common stockholders?
a. $10,000
b. $30,000
c. $15,000
d. $50,000