12. Spencer Inc. has $600,000 of 8% preferred stock and $900,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2003 and 2004. As of December 31, 2005, it is desired to distribute $306,000 in dividends. Required: How much will the preferred and common stockholders receive if the preferred stock is cumulative and participating up to an additional 4%