Curtain Co.paid dividends of $6,000;$12,000;and $20,000 during 2014,2015 and 2016,respectively.The company had 1,000 shares of 5%,$200 par value preferred stock outstanding that paid a cumulative dividend.The amount of dividends received by the common shareholders during 2016 would be:

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The preferred stock requires a $10,000 annual dividend (5% of $200,000). In 2014, $6,000 was paid, leaving $4,000 in arrears. In 2015, $12,000 was paid, covering the $10,000 for that year and $2,000 of the arrears, leaving $2,000 in arrears. In 2016, $20,000 was paid, covering the $10,000 for that year and the $2,000 arrears, leaving $8,000 for common shareholders.