When Crossett Corporation was organized in January, Year $1,$ it immediately issued $5,900$ shares of $$50$ par, $6$ percent, cumulative preferred stock and $10,500$ shares of $$12$ par common stock. Its earnings history is as follows: Year $1,$ net loss of $$16,400$; Year $2,$ net income of $$101,000$; Year $3,$ net income of $$91,600.$ The corporation did not pay a dividend in Year $1.$

Required

How much is the dividend arrearage as of January $1,$ Year $2?$

Assume that the board of directors declares a $$47,900$ cash dividend at the end of Year $2($remember that the Year $1$ and Year $2$ preferred dividends are due$).$ How will the dividend be divided between the preferred and common stockholders?