Question 15 Instanbul Corp. has outstanding 20,000 no par value, $0.80, preferred shares and 100,000 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 $200,000 and of the common shares is $300,000. If the preferred shares are noncumulative and fully participating and $70,000 is distributed as a dividend, the common shareholders will receive $54,000. $46,000. $0. $42,000