III. The stockholders' equity section of knott corporation shows the following on December 31, 2004:

Preferred stock, 5%, $100 par, 4000 shares outstanding $400,000

Common stock, $10 par, 60000 shares outstanding 600,000

Paid-in capital in excess of par 200,000

Retained earnings 110,000

Total Stockholders' Equity $1,310,000

Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/04 and that preferred dividends were last paid on 12/31/02, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.