8. The shareholders' equity of Red Corporation includes $200,000 of $1 par common stock and $500,000 par of 4% cumulative preferred stock. The board of directors of Red declared cash dividends of $60,000 in 2018 after paying $10,000 cash dividends in 2017 and $20,000 in 2016 . What is the amount of dividends common shareholders will receive in 2018? 500,0004%=20,000