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At the start of its first year, a corporation issued 5,000 shares of 8%, $50 par...

At the start of its first year, a corporation issued 5,000 shares of 8%, $50 par value, non-cumulative preferred stock and 100,000 shares of $1 par value common stock. The corporation declared and paid dividends of $15,000 in the first year. In its second year, the corporation declared and paid dividends of $60,000. What are the dividends received by the common stockholders in the second year?

$25,000

$40,000

$30,000

$20,000

$35,000

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