Throughout 2020 and 2021, Listco, Inc. has 112,000 outstanding shares of $2 par value common stock and 5,000 outstanding shares of $100 par 10% cumulative participating preferred stock. On December 31, 2021, Listco declares $700,000 in cash dividends to be paid on January 5, 2022. No dividends were declared in 2020. How much of the dividend will the common and preferred shareholders receive?