When Crossett Corporation was organized in January, Year 1. it immediately Issued 4,000 shares of $49 par. 7 percent, cumulative preferred stock and 8,000 shares of $11 par common stock. Its earnings history is as follows: Year 1. net loss of $14,600. Year 2. net Income of $121,000, Year 3, net income of $92,100. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1. Year 2? Dividend amearage b. Assume that the board of directors declares a $44,940 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? Total amount istributed to preferred shares Tots amount atributes to common shares