Racer Corporation's December 31, 2020 Balance Sheet Showed the Following

Multiple Choice

Racer Corporation's December 31, 2020 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, Racer declared and paid a $100,000 cash dividend on December 15, 2020.If the company's dividends in arrears prior to that date were $30,000, Racer's common stockholders received

A) $70,000.
B) $60,000.
C) $40,000.
D) no dividend.