Sam Corporation has the following stock outstanding:

Preferred Stock: $$500,000(10$ percent, $$15$ par, $75,000$ shares

authorized, $40,000$ shares issued and outstanding$)$

Paid$-$in Capital In Excess of Par, Preferred Stock: $$80,000$

Common Stock: $$800,000($ $$1$ par, $300,000$ shares authorized,

$200,000$ shares issued and outstanding$)$

Paid$-$in Capital In Excess of Par, Common Stock: $$1,000,000$

Given this information, if Sam pays dividends totaling $$200,000$

during the year, and if the preferred stock is cumulative and the

dividends on the preferred stock were two years in arrears as of

the beginning of the year, what dividends will preferred

stockholders receive?

$200000$

$120000$

$180000$

$20000$

$60000$

$0$