If two years preferred dividends are in arrears and the board of directors declares cash dividends of $22,600, what total amount will be paid to the preferred and to the common shareholders?

Raphael Corporations common stock is currently selling on a stock exchange at $188 per share, and its current balance sheet shows the following stockholders equity section:

Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding	$	60,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding		120,000
Retained earnings		300,000
Total stockholders' equity	$	480,000