The stockholders' equity section of Giants Corporation shows the following on December 31, 2019: Preferred stock8%, $50 par, 8,000 shares outstanding $ 400,000 Common stock$10 par, 60,000 shares outstanding 600,000 Paid-in capital in excess of par 600,000 Retained earnings 500,000 Total stockholders' equity $2,100,000 Instructions Assume that Giants has decided to declare and pay $400,000 in cash dividends on 12/31/19 and that preferred dividends were last paid on 12/31/15, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and participating. You MUST show your work to receive any credit.