When Crossett Corp was organized in January year 1, it immediately issued 5100 shares of $50 par, 6%, cumulative preferred stock and 9500 shares of $14 par common stock. It's earnings history is as follows: Year 1 net loss of $16,600; Year 2 net income of $61,500; Year 3 net income of #84,100. The Corp did not pay a dividend in year 1. 1. How much is the dividend arrearage as of Jan 1 Year 2? 2. Assume that the board of directors declared a $42,600 cash dividend at the end of year 2(remember that the Year 1 and Year 2 preferred dividend are due). How will the dividend be divided between the preferred and common shareholders