Required information (The following information applies to the questions displayed below.) Raphael Corporation's balance sheet shows the following stockholders' equity section. $ 70,000 Preferred stock-5% cumulative, $_ par value, 1,000 shares authorized, issued, and outstanding Common stock-$_ par value, 4,000 shares authorized, issued, and outstanding Retained earnings Total stockholders' equity 160,000 350,000 $ 580,000 4. If two years' preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $16,400, what total amount will be paid to the preferred and to the common shareholders? Answer is complete but not entirely correct. Total amount paid to the preferred shareholders Total amount paid to the common shareholders $ $ 85 40 %