ABC Inc. has 8% preferred stocks with a total par value of $200,000 and common stocks with a total par value of $100,000. In year 1 ABC distributed cash dividends of $8,000, in year 2 it did not declare any dividends, and in year 3 ABC distributed cash dividends of $50,000. Required: Calculate the dividend distribution (preferred, common and arrears) for all three years assuming the preferred stock is cumulative and participates up to 10%. Must show all your work to receive credit