32 When Crossett Corporation was organized in January Year it immediately issued 4,900 shares of 545 par, 4 percent, cumulative preferred stock and 10,500 shares of $13 par common stock. Its earnings history is as follows Year 1. net loss of $14,100 Year 2.net income of $106.000 Year 3. net income of $93,900. The corporation did not pay a dividend in Year 1 Required 6. How much is the dividend arrearage as of January 1 Year 22 10 points Dividend arrearage 0122:37 b. Assume that the board of directors declares a $32.640 cash dividend at the end of Year 2 fremember that the Year 1 and Year 2 preferred dividends are due) How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be indicated with minus sign.) Distributed to Shareholders Preferred Cominen Amount Total dividend declared Year 1 Arrearage Year 2 Preferred dividends Available for common Distributed to common Total distribution