The shareholders equity of Tru Corporation includes $700,000 of $1 par common stock and $1,300,000 par value of 7% cumulative preferred stock. The board of directors of Tru declared cash dividends of $160,000 in 2016 after paying $70,000 cash dividends in each of 2015 and 2014. Required: What is the amount of dividends common shareholders will receive in 2016?