McBean Company has outstanding 10 million shares of $3 par value common stock and 3 million shares of $4 par value cumulative preferred stock. The cumulative preferred stock has a 5% dividend rate. The company declares $900,000 in total dividends for the year. Dividends in arrears are $40,000.

a.	Compute the amount of dividends to be distributed to preferred shareholders.

b.	Compute the amount of dividends to be distributed to common Help please! Showing work is always helpful