Written, Inc. has outstanding 600,000 shares of $2 par common stock and 120,000 shares of no-par 6% preferred stock with a stated value of $5. The preferred stock is cumulative and participating. Dividends have been paid in every year except the past two years and the current year.

Assuming that $270,000 will be distributed, how much will the common stockholders receive? a. $162,000. b. $132,000.

c. $138,000.

d. $ 72,000.

**ANSWER IS 132,000. CAN SOMEONE PLEASE SHOW THEIR WORK SHOWING ALL THE STEPS**