The outstanding share capital of Concord Corporation consists of $3,245$ preferred shares and $5,900$ common shares for which

$$265,500$ was received. The preferred shares carry a dividend of $$7$ per share and have a $ $100$ stated value. Assuming that the company has retained earnings of $$103,570$ that is to be entirely paid out in dividends and that

preferred

dividends were not paid during the $2$ years preceding the current year, state how much each class of shares should receive if the

preferred shares are cumulative and participating.