1. York, Inc. has outstanding 500,000 shares of $2 par common stock and 100,000 shares of no-par 6% preferred stock with a stated value of $5. The preferred stock is cumulative and nonparticipating. Dividends have been paid in every year except the past two years and the current year. Assuming that $120,000 will be distributed as a dividend in the current year, how much will the common stockholders receive?