PROBLEM 10 (8 points) Stockholders' Equity of Walland Corporation showed the following in its Stockholders' Equity section of the balance sheet Preferred stock, 9% cumulative, $50 par, 40,000 shares authorized, issued, and outstanding. Common stock, $5 par, 400,000 shares authorized, issued, and outstanding $2,000,000 $2,000,000 Assume that all the stock was issued on January 1 and that no dividends were paid during the first two years of operation. During the third year, Walland paid total cash dividends of $718,000. Compute the amount of cash dividends paid during the third year to both the Preferred shareholders and the Common Stock shareholders