Show me the steps to solve Nowell Inc. had the following stock issued and outstanding at January $1,$ Year $2$:

$150,000$ shares of no$-$par common stock.

$30,000$ shares of $$50$ par, $4$ percent, cumulative preferred stock. $($Dividends are in arrears for one year,

Year $1.)$

On March $8,$ Year $2,$ Nowell declared a $$175,000$ cash dividend to be paid March $31$ to shareholders of

record on March $20.$

Required

What amount of dividends will be paid to the preferred shareholders versus the common shareholders?