8. The shareholders equity of Green Corporation includes the following items:

Common Stock $600,000

Preferred Stock 6% $1,200,000

The preferred stock is cumulative and nonparticipating. The board of directors of Green declared of the following cash dividends: $60,000 in 2016, in $60,000, in 2017, and $150,000 in 2018. What is the amount of dividends Common shareholders will receive in 2018?

1. $ 78,000
2. $ 96,000
3. $ 66,000
4. $ 72,000

$ 54,000