Boone Corporation’s outstanding capital stock on December 15 consisted of the following: 30,000 shares of 5% cumulative preferred stock, par value $ 10 per share, fully participating as to dividends. No dividends were in arrears. 200,000 shares of common stock, par value $ 1 per share. On December 15, Boone declared dividends of $ 100,000. What was the amount of dividends payable to Boone’s common stockholders?
a. $ 10,000
b. $ 34,000
c. $ 47,500
d. $ 40,000