Colliers, Incorporated, has $130,000$ shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $$3$ per share, but because of cash flow problems, the company did not pay any dividends last year. The board of directors plans to pay dividends in the amount of $$900,000$ this year.

Required:

What amount will go to preferred stockholders?

How much will be available for common stock dividends?