2. (8 points) In 2019, Dunning Company has $8,000,000 available for dividends. The company has preferred stock, $1,000 par value, 5% annual dividend, total par value of $10,000,000. The preferred stock is cumulative and participating. In 2018, the company was unable to pay dividends, but paid preferred stock dividends in all prior periods. The company also has common stock with a total par value of the outstanding shares of $40,000,000 Instructions Compute the dividends payable for the preferred stock and common stock shareholders for 2019