Pond co. has an authorized class of 9%, $50 par, cumulative, nonparticipating preferred stock. the common stock has a $10 par value. for each class of stock, 500,000 shares are authorized. at year end, pond had the following account balances: a. common stock $ 5,000,000 b. preferred stock 1,250,000 c. additional paid-in capital on common stock 1,500,000 d. retained earnings 2,250,000 $10,000,000 preferred dividends are in arrears for 1 year. on december 31 of this year, cash dividends totaling $1 million were declared. how much were the dividends on common stock? a) $225,000 b) $290,000 c) $710,000 d) $775,000.