[jlane32]

Walla Company has common and preferred stock outstanding as follows:

Common stock:100,000 shares, $30 par value
8 percent preferred stock:10,000 shares, $100 par value
Dividends on preferred stock have not been paid for the last three years (in addition to the current year).

If the company pays a total of $120,000 in dividends, how much will the common stockholders receive per share if the preferred stock is not cumulative