Problem
The shareholders' equity of HS Corporation includes $300,000 of $1 par common stock and $600,000 par value of 6% cumulative preferred stock. The board of directors of HS declared cash dividends of $70,000 in 2016 after paying $30,000 cash dividends in 2015 and $50,000 in 2014.
Required: What is the amount of dividends common shareholders will receive in 2016?