Turtle Inc has outstanding 300,000 shares of $2 par common stock and 60,000 shares of 8% preferred stock with a par value of $5. Dividend have been paid in every year except the past two years and the current year. Assume that $183,000 will be distributed as a dividend in the current year and the preferred stock is cumulative and participating. How much will the common stock holders receive?

1. $ 48,000
2. $90,000
3. $73,000
4. $111,000