Ace Industries Has the Following Shareholders' Equity Accounts at December

Ace Industries has the following shareholders' equity accounts at December 31, 2015:
$\begin{array}{lr}\text { Preferred stock, S100 par value, } 10 \% \text { dividend, } 50,000 \text { shares issued and outstanding } & \$ 5,000,000 \\\text { Common stock, S6 par value, } 1 \text { million shares issued and outstanding } & 6,000,000 \\\text { Paid-in capital in excess of par } & 119,000,000 \\\text { Unrestricted retained earnings } & 7,500,000 \\\text { Retained eamings restricted for plant expansion } & 2,500,000\end{array}$
-Assuming that the preferred stock is cumulative,and that there are no dividends in arrears,what is the maximum dividend that may be distributed to common shareholders at December 31,2015?

A) $9,500,000
B) $7,000,000
C) $7,500,000
D) $2,000,000