When Crossett Corporation was organized in January. Year 1 , it immediately issued 5,100 shares of $50 pat, 7 percent, cumulative. preferred stock and 12,000 shares of $15 par common stock. Its earnings history is as follows: Year 1, net loss of $13.200; Year 2, net income of $106,000; Year 3, net income of $98,300. The corporation did not pay a dividend in Year 1 Required 0. How much is the dlvidend arrearage as of January 1, Year 2? b. Assume that the board of directors deciares a $53,200 cash dividend at the end of Year 2 (remember that the Year 1 and Year 2 preferted dividends are due). How will the dividend be divided between the preferred and common stockholders