Teal Holding's accounting records show the following balances on December 31, 2020. 13% Preferred stock-$100 par value, outstanding 21,000 shares Common stock-$1 par value, outstanding 49,000 shares Retained earnings $2,100,000 49,000 1,650,000 Assuming that the directors decide to declare total dividends in the amount of $620,000, determine how much each class of stock should receive under each of the conditions stated below. One year's 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 O decimal places, e.g. $38,487.) $ Preferred $ Common (b) The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. $38,487.) $ Preferred $ Common