Watson Company has outstanding 26 million shares of $1 par value common stock and 2.6 million shares of $3 par value preferred stock. The preferred stock has a 6% dividend rate. The company declares $15,600,000 in total dividends for the year. Preferred Dividends in arrears are $780,000. a. Compute the amount of dividends to be distributed to preferred shareholders. b. Compute the amount of dividends to be distributed to common shareholders