Beta Company has $3,200,000 of 6% preferred stock and $4,800,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2011 and 2012. As of December 31, 2013, the company announced that it plans to distribute $1,584,000 in dividends. Summary of Data: Common Value Preferred Value Total Value Dividend Amount Preferred % $4,800,000 $3,200,000 $8,000,000 $1,584,000 0.06 Instructions Calculate the amount that will be distributed to preferred and common stockholders under each of the following assumptions: (16) The preferred is cumulative and nonparticipating. Use the Grid below for your answer (every section of the grid must be completed - no partial points awarded): Dividends in arrears, Current year's dividend Remainder to common Total: Preferred Common Total $1,584,000