Dividend Distribution example: The shareholders' equity of Tru Corporation includes $600,000 of $1 par common stock and $1,200,000 par value of 6% cumulative preferred stock. The board of directors of Tru declared cash dividends of $150,000 in 2016 after paying $60,000 cash dividends in each of 2015 and 2014. Required: What is the amount of dividends common shareholders will receive in 2016? Show your computations. Hint: Tru's common shareholders will receive dividends of $54,000 as a result of the 2016 distribution