Sandhill, Inc. has $500,000, $0.50, no par value preferred shares (50,000shares) and $1,000,000of no par value common shares outstanding (80,000shares). No dividends were paid or declared during 2018 and 2019. The company wants to distribute $326,000in dividends on December 31, 2020.

1- Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are non-cumulative and non-participating.