Binkerton Company has the same capital structure for 2015, 2016 and 2017 as follows:

70,000 , 4.5%, preferred shares $ 840,000

290,000 common shares 1,160,000

Total share capital $2,000,000

Dividends of $350,000 were declared and paid on December 31, 2017. The last dividend was paid December 31,2014.

Required:

Calculate the amount of dividends to be distributed to the preferred shareholders and to the common shareholders assuming that the preferred shares are cumulative, and fully participating.