At December 31, 2014, Mississippi Corp. has the following shares outstanding (all no par value):

150,000 common shares ...................................... $ 1,150,000

$6 preferred, 5,000 shares ................................... $ 500,000

The preferred shares are cumulative and participating up to an additional 4%. Dividends have not been paid since December 31, 2011. Mississippi now wishes to declare a total cash dividend of $240,000.