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Jefferson Manufacturing has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the corporation to

Jefferson Manufacturing has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the corporation to pay an annual dividend of $6,500 to preferred stockholders. On January 1,2021, Jeffersons preferred dividends were one year in arrears, which means that Jefferson declared neither preferred nor common dividends in 2020. From 2021 to 2023, Jeffersons board of directors determined they would be able to pay $9,000, $12,000, and $15,000, respectively.
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Show how these anticipated payments will be split between preferred and common stockholders.

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