Nance Corporation's December 31, 2017 balance sheet showed the following:

6% preferred stock, $20 par value, cumulative,

30,000 shares authorized; 20,000 shares issued$400,000

Common stock, $10 par value, 3,000,000 shares authorized;

1,950,000 shares issued, 1,920,000 shares outstanding19,500,000

Paid-in capital in excess of par value - preferred stock60,000

Paid-in capital in excess of par value - common stock28,000,000

Retained earnings9,650,000

Treasury stock (30,000 shares)630,000

Nance declared and paid a $90,000 cash dividend on December 15, 2017. If the company's dividends in arrears prior to that date were $24,000, Nance's common stockholders received