Umbrella Corporation has an outstanding preferred stock issue with a par value of $120 per share. The preferred shares pay dividends annually at a rate of 8%, and the dividends of the preferred shares are cumulative. Umbrella Corporation has not paid dividends on its preferred shares in 2019 and 2020. However, Umbrella Corporation recently announced that the company would start paying dividends in 2021(one year from now). They also announced that the passed dividends of 2019 will be paid in 2022 (two years from now) and the passed dividends of 2020 will be paid in 2023 (three years from now). If the required rate of return is 10%, what is the value of Umbrella Corporation's preferred stock?