I need help with Part B of the following practice problem. I do not understand how to calculate the value for Available for Common or Distributed to Common

When Crossett Corporation was organized in January, Year 1, it immediately issued 4,400 shares of $52 par, 7 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. Its earnings history is as follows: Year 1, net loss of $16,000; Year 2, net income of $121,000; Year 3, net income of $200,000. The corporation did not pay a dividend in Year 1.

Required

1. How much is the dividend arrearage as of January 1, Year 2?
2. Assume that the board of directors declares a $52,500 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?

My answers:

Requirement 1:

Requirement 2:

Complete this question by entering your answers in the tabs below. How much is the dividend arrearage as of January 1 , Year 2 ? Complete this question by entering your answers in the tabs bel Assume that the board of directors declares a $52,500 cash dividend at 2 preferred dividends are due). How will the dividend be divided betweer