Cumulative Dividends In recent years, the Winslow Company had severe cash flow problems. In 20X4, the company sus- pended payment of cash dividends on common stock. In 20X5, it ceased payment on its $4 million of outstanding 7% cumulative preferred stock. No common or preferred dividends were paid in 20X5 or 20X6. In 20X7, Winslow's board of directors decided that $1.0 million was available for cash dividends. Compute the preferred stock dividend and the common stock dividend for 20X7.