Waterway Industries has 165000 shares of $10 par value common stock and 82500 shares of $10 par value, 4%, cumulative, participating preferred stock outstanding. Dividends on the preferred stock are one year in arrears. Assuming that Waterway wishes to distribute $280000 as dividends, the common stockholders will receive

$115330.

$214000.

$164670.

$ 66000.