Question 3 (4 marks) Essex Company has a single class of common shares and a single class of cumulative preferred shares. The cumulative preferred shares require the corporation to pay an annual dividend of $6,000 to preferred shareholders. On January 1, 2018, Essex's preferred dividends were one year in arrears, which means that Essex declared neither preferred nor common dividends in 2017. From 2018 to 2019, Essex's Board of Directors determined that they would be able to pay dividends at $10,000 and $14,000, respectively. Required: Show how the anticipated dividends will be split between preferred and common shareholders in 2018 and 2019. Dividends to Preferred shareholdersin 2018=$ Dividends to Common shareholdersin 2018=$ Dividends to Preferred shareholdersin 2019-$ Dividends to Common shareholders in 2019=$