A company has two classes of stock issued: common and preferred. There are 5,000 shares of $100 par value, 8% cumulative preferred stock.The company has declared and paid the following dividends in the past 4 years:
2001, $50,000
2002, $0
2003, $65,000
2004, $10,000
What is the total amount of dividends common shareholders receive from 2001 through 2004? Assume there were no dividends in arrears from years prior to 2001.
A) $0
B) $10,000
C) $35,000
D) $45,000