Sage Companys ledger shows the following balances on December 31, 2020.

4% Preferred Stock$10 par value, outstanding 18,200 shares $ 182,000

Common Stock$100 par value, outstanding 32,400 shares 3,240,000

Retained Earnings 684,000

Assuming that the directors decide to declare total dividends in the amount of $333,000, determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.

(a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)

Preferred $ Common $

*Can someone please help me and show all the steps. I have been stuck on this and confused. I have tried getting help and the answers still come out to be wrong. Can you check to make sure it is correct before posting? Thank you.*