Use the Following Information for Questions 74-76

Multiple Choice

Use the following information for questions 74-76.
Instanbul Corp. has outstanding 20,000 no par value, $ 0.80, preferred shares and 100,000 no par value common shares. Dividends have been paid every year except last year and the current year. The carrying value of the preferred shares is $ 200,000 and of the common shares is $ 300,000.
-If the preferred shares are noncumulative and fully participating and $ 70,000 is distributed as a dividend, the common shareholders will receive

A) $ 0.
B) $ 42,000.
C) $ 46,000.
D) $ 54,000.