When Crossett Corporation was organized in January, Year 1 , it immediately issued 6,000 shares of $53 par, 7 percent, cumulative preferred stock and 11,000 shares of $10 par common stock. Its earnings history is as follows: Year 1, net loss of $13,100 : Year 2, net income of $104,000; Year 3, net income of $94,100. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $59,520 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