Jacklie Syndicate Began Operations on January 1,20X3 $\quad$ $\quad$

Jacklie Syndicate began operations on January 1,20X3.The company has the following items included in the stockholders' equity section of its balance sheet on December 31,20X3,December 31,20X4 and December 31,20X5.
8% Preferred Stock,$100 par,100,000 shares authorized,
25,000 shares issued and outstanding $\quad$ $\quad$ $\quad$ $\quad$ $\$ 2,500,000$
Common Stock,$3 par,500,000 shares authorized;
150,000 shares issued and outstanding $\quad$ $\quad$ $\quad$ $450,000$
Additional paid-in capital $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $2,250,000$ Total dividends declared and paid were

$\begin{array}{ll}\text { during 20X3 } & \$ 170,000 \\\text { during 20X4 } & 210,000 \\\text { during 20X5 } & 240,000\end{array}$
If Jacklie Syndicate's preferred stock were cumulative,how much of the 20X5 dividends would have been distributed to

A) $\begin{array}{ll}\underline{ \text { Preferred Stock} }& \underline{ \text { Common Stock }}\\\$ 200,000 &\$ 40,000\\\end{array}$

B) $\begin{array}{lccc}\underline{ \text { Preferred Stock } }& \underline{ \text { Common Stock }}\\\$ 205,714& \$34,286 \\\end{array}$

C) $\begin{array}{lccc}\underline{ \text { Preferred Stock } }& \underline{ \text { Common Stock }}\\\$ 219,230& \$20,770 \\\end{array}$

D) $\begin{array}{lccc}\underline{ \text { Preferred Stock} } & \underline{ \text { Common Stock }}\\\$ 220,000 & \$ 20,000\\\end{array}$

E) $\begin{array}{lccc}\underline{ \text { Preferred Stock } }&\underline{ \text { Common Stock }}\\\$ 40,000 & \$0 \\\end{array}$