Norwell Inc. had the following stock issued and outstanding on January 1,2018:

1. 150,000 shares of no-par common stock

2. 30,000 shares of $50 par, 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, 2017)

On March 9, 2018, Norwell declared a $175,000 cash dividend to be paid on March 31 to shareholders of record on March 20.

Required

What amount of dividends will be paid to the preferred shareholders vs the common shareholders? (Negative amount should be indicated by a minus sign)

Spreadsheet

Distributed to Shareholders

Preferred Common

Total Dividend Declared

Preferred Arrearrage

Current Preferred Dividend

Available of Common

Distributed to Common

Total