Preferred Stock
Malco has the following stockholders' equity on Dec. 31, 2020:
Common stock $10 par, 80,000 shares	800,000
Paid in excess, common		400,000
4% Preferred stock $100 par, 2,000 shares	200,000
Retained earnings		450,000
Total equity		2,350,000
The preferred stock is cumulative. No dividends were paid in 2018 or 2019
The common shareholders are demanding a $1 per share dividend
Calculate the total amount of dividends that would have to be paid to common and preferred shareholders
(and in total) to accommodate the common shareholder's demands.