Coronado, Ltd. has 9,000 outstanding no par value $1.00 preferred shares issued for $90,000 and 35,000 outstanding no par value common shares issued for $24,500. No dividends were paid or declared during 2020 and 2021. Coronado wants to distribute $54,640 in dividends on December 31, 2022.

Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and fully participating.

PLEASE DON NOT ANSWER THE QUESTION IF YOU ARE NOT DON'T KNOW IFRS.