McBean Company has outstanding 21 million shares of $3 par value common stock and 2.1 million shares of $5 par value preferred stock. The preferred stock has a 8% dividend rate. The company declares $12,600,000 in total dividends for the year. Preferred Dividends in arrears are $630,000. a. Compute the amount of dividends to be distributed to preferred shareholders. (Enter your answer in dollars and not in millions.) Preferred Dividend I b. Compute the amount of dividends to be distributed to common shareholders. (Enter your answer in dollars and not in millions.) Common Dividend