Cullumber Corp. has outstanding 22500 no par value, $0.80, preferred shares and 125000 no par value common shares. Dividends have been paid every year except last year and the current year. The carrying value of the preferred shares is $225000 and of the common shares is $375000. If the preferred shares are noncumulative and fully participating and $72000 is distributed as a dividend, the common shareholders will receive $39375. $0. $50625. $45000.