On November 7, 1997 the Black and Michael Blue Company's Board of Directors declared cash dividends of $75,000. Dividends have been paid by the Company for every year except 1996. The Company has the following types of stock issued and outstanding:
8% Cumulative Preferred Stock, $100 par value, 1,000 shares.Common Stock , $10 par value, 400,000 shares
The amount of dividends distributed to the Common Shareholders for 1997 would be:
a. $75,000
b. $74,200
c. $73,400
d. $67,000
e. $59,000