Graziano Corp. has been authorized to issue 20,000 no par, $6, cumulative and fully participating preferred shares and 100,000 no par common shares. The account balances at December 31, 2012 are:

$6 Preferred shares, 4,000 shares outstanding---------------------------------------------- $ 400,000 Common shares, 60,000 shares outstanding--------------------------------------------------- 1,600,000

No dividends were paid in 2011. The corporation now desires to pay $280,000 in dividends.

Required

Calculate how much the preferred and common shareholders will receive.

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