here is the full question

preferred stock and 8,000 shares of $9 par common stock. Its eamings history is as follows: Year 1, net loss of $12,900: Year 2 net Income of $60,700, Year 3, net income of $93,400 The corporation did not pay a dividend in Year 1 Required a. How much is the dividend arrearage as of January 1, Year 2? Dwidend afrontage b. Assume that the board of directors declares a $49,532 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be Indicated with minus sign.) Distributed to Shareholders Preferred Common Amount Total dividend declared Year 1 Arrearage Year 2 Preferred dividends Available for common Distributed to common Total distribution When Crossett Corporation was organized in January Year 1, it immediately issued 4700 shares of $54 par, 7 percent, cumulative preferred stock and 8,000 shares of $9 par common stock. Its earnings history is as follows: Year 1, net loss of $12,900: Year 2. net income of $60,700; Year 3, net income of $93,400. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 22 Dividend rearage b. Assume that the board of directors declares a $49,532 cash dividend at the end of Year 2 tremember that the Year 1 and Year 2 preferred dividends are due), How will the dividend be divided between the preferred and common stockholders? (Amounts to be deducted should be indicated with minus sign.) Distributed to Shareholders Preferred Common Amount Total dividend declared Year 1 Arrearage Year 2 Preferred dividends Available for common Distributed to common Total distribution 0