Dividends on preferred shares

Lithuania Corp. has been authorized to issue $20,000$ no par value, $ $6,$ cumulative and fully participating preferred shares and $100,000$ no par value common shares. The account balances at December $31,2020$ are:

$ $6$ Preferred shares, $4,000$ shares outstanding $ $400,000$

Common shares, $60,000$ shares outstanding $1,600,000$

No dividends have been paid since December $31,2016.$ The corporation now desires to pay $ $280,000$ in dividends.

Instructions

Calculate how much the preferred and common shareholders will receive.