Use the following information to answer the questions below.

Instanbul Corp. has outstanding 20,000 no par value, $ 0.80, preferred shares and 100,000 no par value common shares. Dividends have been paid every year except last year and the current year. The carrying value of the preferred shares is $ 200,000 and of the common shares is $ 300,000.

If the preferred shares are cumulative and non-participating and $ 100,000 is distributed as a dividend, thecommonshareholders will receive

$ 84,000.

$ 68,000.

$ 100,000.

$ 0