At December 31, 2020, Russia Inc. has outstanding the following shares: 5,000, $ 3.20, no par value preferred shares with a carrying value of $ 200,000, and 40,000 no par value common shares with a carrying value of $ 600,000. No dividends have been paid since December 31, 2017. The corporation now desires to distribute $ 120,000 in dividends. Required: Calculate how much the preferred and common shareholders will receive if the preferred shares are cumulative and fully participating