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. Dividends have been paid in every year except for the past two years and the current year.

Assuming that $270,000 will be distributed, and the preferred stock is cumulative and participating, how much will the common stockholders receive?

a) $162,000

b) $132,000 <-------------------------------- answer

c) $138,000

d) $72,000

Can someone help me with this question please? it says the answer is b) $ 132,000, but yet I'm getting $162,000????

below is my work :

600,000 x 6%= 36,000

36,000 x 2 years = 72,000

270,000 - 72,000 - 36,000= $162,000

I KEEP getting $162,000 so I don't understand what I'm doing wrong. Can someone help please? show your work and thanks in advance!!!