Jawwal Company's ledger shows the following balances on Dec. 31, 2023. 6% Preferred stock, $100 par value, outstanding 10,000 shares $1,000,000 Common stock, $100 par value, issued 40,000 shares Retained earnings 4,000,000 1,000,000 The directors decide to declare total dividends in the amount of $600,000. Two years dividends are in arrears on preferred stock. Assume that the preferred stock is cumulative and fully participating. Determine how much each class of stock should receive in dividends.