When Crossett Corporation was organized in January Year $1,$ it immediately issued $5,600$ shares of $$51$ par, $6$ percent, cumulative preferred stock and $10,000$ shares of $$9$ par common stock. Its earnings history is as follows: Year $1,$ net loss of $$13,800$; Year $2,$ net income of $$57,800$; Year $3,$ net income of $$101,800.$ The corporation did not pay a dividend in Year $1.$

Required

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

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b$.$ Assume that the board of directors declares a $$45,272$ 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? $($Amounts to be deducted should be indicated with minus sign.$)$

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