2 When Crossett Corporation was organized in January, Year 1, it immediately issued 4,800 shares of $47 par, 5 percent, cumulative preferred stock and 9,000 shares of $11 par common stock. Its earnings history is as follows: Year 1, net loss of $14.400, Year 2, net income of $111.000, Year 3. net income of $86,600 The corporation did not pay a dividend in Year 1 Required a. How much is the dividend arrearage as of January 1, Year 2? 2 points Dividend annage ebook Print References b. Assume that the board of directors declares a $33,060 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Total amount distributed to preferred Shares Total amount distributed to common shares