The outstanding share capital ofMontyCorporation consists of3,000shares of preferred and6,700common shares for which $281,400was received. The preferred shares carry a dividend of $7per share and have a $100stated value.

Assuming that the company has retained earnings of $95,000that is to be entirely paid out in dividends and that preferred dividends were not paid during the2years preceding the current year, state how much each class of shares should receive if the preferred shares are non-cumulative and non-participating.