The shareholders' equity of Oriole Ltd. at the end of 2024 and 2023 appeared as follows: 2024 2023 Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 22,900 shares issued $160,300 $160,300 Share capital, 5,000,000 common shares authorized, 1,140,000 common shares issued (2023-940,000 shares) 4,700,000 3,760,000 Retained earnings 3,651,000 2,872,000 Total shareholders' equity $8,551,000 $6,832,000 During 2024, Oriole paid a total of $117,400 in cash dividends. Your answer is partially correct. Assume the preferred shares were not in arrears at December 31, 2023. How was the $117,400 in cash dividends distributed between the two types of shares in 2024? Preferred Common 2024 $ 45,800 Total 25,800 $ 71,600