Problem 8-21 Cash dividends: Common and preferred stock LO 8-3, 8-6 Nowell Inc. had the following stock issued and outstanding at January 1, 2018: 1. 150,000 shares of no-par common stock 230,000 shares of $50 par. 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, 2017.) On March 8, 2018 Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. Required What amount of dividends will be paid to the preferred shareholders versus the common shareholders? (Negative amount should be Indicated by a minus slgn.) Distributed to Shareholders Preferred Common Total Dividend Declared Preferred Arrearage Current Preferred Dividend Available for Common Distributed to Common Total