McBean Company has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock. The preferred stock has a 7% dividend rate. The company declares $600,000 in total dividends for the year. Preference dividends in arrears are $30,000. Compute the amount of dividends to be distributed to preferred shareholders Compute the amount of dividends to be distributed to preferred shareholders