Metlock Company's ledger shows the following balances on December $31,2025.$

$4\%$ Preferred stock $-$$$10$ par value, outstanding $20,700$ shares $$207,000$

Common stock $-$$$100$ par value, outstanding $27,700$ shares $,2,770,000$

Retained earnings

$569,000$

Assuming that the directors decide to declare total dividends in the amount of $$336,000,$ determine how much each stock

should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock.

a$.$ The preferred stock is cumulative and fully participating. $($Round the rate of participation to $6$ decimal places, e$.$g$\mathrm{.}0\mathrm{.}014278.$ Round

answers to $0$ decimal places, e$.$g$.38,487.)$

Preferred

$

Common

$

b$.$ The preferred stock is noncumulative and nonparticipating. $($Round answers to $0$ decimal places, e$.$g$.38,487.)$

Preferred

$

$

c$.$ The preferred stock is noncumulative and is participating in distributions in excess of a $6\%$ dividend rate on the common stock.

$($Round the rate of participation to $6$ decimal places, e$.$g$\mathrm{.}0\mathrm{.}014278.$ Round answers to $0$ decimal places, e$.$g$.38,487.$No$.$ Account Titles and Explanation

Debit

Credit

Dividends Payable $-$ Preferred Stock

Dividends Payable $-$ Common Stock

Paid$-$in Capital from Treasury Stock

Preferred Stock

Paid$-$in Capital in Excess of Par $-$ Preferred Stock

Common Stock Dividend Distributable

Paid$-$in Capital in Excess of Par $-$ Common Stock

Common Stock Dividend Distributable

Common Stock

Retained Earnings

Dividends Payable $-$ Preferred Stock

Dividends Payable $-$ Common Stock