Requlred informntion Problem 8-25 (Algo) Common and preferred stock-issuances and dividends LO 8-1, 8-2, 8-3 [The following information applies to the questions fllsplayed below] Homestead Oll Comporation was incorporated on Janaary 1, 2022, and issued the following stock for cash: - 760,000 shares of no-par common stock were authorized; 150,000 shares were issued ani January 1, 2022, at 518,00 per share. - 200,000 shares of 590 par velue, 9.00% cumulative, preferred stock were outhorized; 74,000 shares were issued on Januayy 1, 2022, at $150 por share - Net income for the years ended December 31,2022 and 2023 was $1,220,000 and 52,630,000, respectively. - No dividends were deciared of paild dating 2022. However, on December 27, 2023, the board of disectors of Homestead deciared dividends of 51,880,000, payable on February 11, 2024, to holders of record as of Jamuary 16. 2024. Problem 825 (Algo) Part b b. Of the totat amount of dividends dectared during 2023 , how much will be recolvod by preforred shareholders