The shareholders' equity of Newco 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 Newco declared cash dividends of $150,000 in 2016 after only paying $60,000 cash dividends in each of 2015 and 2014.(Hint: What is the amount of the dividends are in arrears, if any, to the preferred shareholders?) Required: What is the amount of dividends common shareholders will receive in 2016? You must show how you calculated this number to receive credit.