A Corporation Has 20,000 Shares of 12%,$60 Par Cumulative Preferred

A corporation has 20,000 shares of 12%,$60 par cumulative preferred stock outstanding and 38,000 shares of no-par common stock outstanding.Dividends of $14,000 are in arrears.At the end of the current year,the corporation declares a dividend of $164,000.How is the dividend allocated between preferred and common stockholders?

A) The dividend is allocated $6,000 to preferred stockholders and $158,000 to common stockholders.
B) The dividend is allocated $158,000 to preferred stockholders and $6,000 to common stockholders.
C) The dividend is allocated $164,000 to preferred stockholders and no dividend is paid to common stockholders.
D) The dividend is allocated $144,000 to preferred stockholders and $20,000 to common stockholders.