Lott Co$.$ has outstanding $20,000$ shares of $8\%$ preferred stock with a $$10$ par value and $100,000$ shares of $$3$ par value common stock. Dividends have been paid every year except last year and the current year.

$2.$ If the preferred stock is cumulative and nonparticipating and $$100,000$ is distributed, the common stockholders will receive a$.$ $$0.$ Perferred dividend Rate $=8\%$

b$.$ $$68,000.$ Perferred dividend $=20,000*$$$10*8\%=160,000$

c$.$ $$84,000.$

$160,000-100\mathrm{.}000=484,000$

If the preferred stock is noncumulative and fully participating and $$70,000$ is distributed, the common stockholders will receive

a$.$ $$0.$

b$.$ $$42,000.$

c$.$ $$46,000.$

d$.$ $$54,000.$