Nowell Incorporated had the following stock issued and outstanding at January $1,$ Year $2$:

$116,000$ shares of no$-$par common stock.

$26,000$ shares of $$50$ par, $3$ percent, cumulative preferred stock. $($Dividends are in arrears for one year, Year $1.)$

On March $8,$ Year $2,$ Nowell declared a $$140,000$ cash dividend to be paid March $31$ to shareholders of record on March $20.$