Gemini Group declares a dividend of $275,000 for the quarter ending June 30 of the current year. Relevant stockholders’ equity information is listed below: Common Stock: $1 par (100,000 shares authorized, 75,000 shares outstanding) Preferred Stock: $100 par, 8% cumulative (20,000 shares authorized and outstanding) If Gemini has no preferred dividends in arrears, what amount of the total dividends will be distributed to the common stockholders?a. $217,105b. $160,000c. $115,000d. $171,875
