Colliers, Incorporated, has $100,100$ shares of noncumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $$2$ per share, but because of cash flow problems, the company did not pay any dividends last year. The board of directors plans to pay dividends in the amount of $$601,000$ this year.

Required:

What amount will go to preferred stockholders?

How much of the cash dividends will be available for common stockholders?