Dividends on preferred stock.

The stockholders' equity section of Lemay Corporation shows the following on December 31, 2013:

Preferred stock6%, $100 par, 5,000 shares outstanding $ 500,000

Common stock$10 par, 50,000 shares outstanding 500,000

Paid-in capital in excess of par 320,000

Retained earnings 98,000

Total stockholders' equity $1,418,000

Instructions

Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/13 and that preferred dividends were last paid on 12/31/11, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.