Vegas Corporation had the following shares outstanding when the board of directors declared a $95,000 cash dividend:

$3, Preferred shares, 7,000 shares issued and outstanding equal to$250,000

Common shares, 50,000 shares issued and outstanding equal to500,000

Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are one year in arrears. In the prior year there was 6,000 preferred shares outstanding.Your answer should indicate the total amount of dividends allocated to each type ofshareholder.(5points)