Winston Corporation has 9,000 shares of 4%, $10 par cumulative preferred stock and 47,000 shares of common stock outstanding. Winston declared no dividends in 2023 and had no dividends in arrears prior to 2023. In 2024, Winston declares a total dividend of $54,000. How much of the dividends go to the common stockholders?

a. $54,000

b. $50,400

c. $46,800

d. None; it all goes to preferred stockholders.