When Crossett Corporation was organized in January, Year 1, it immediately issued 4,200 shares of $55 par, 8 percent, cumulative preferred stock and 11,500 shares of $9 par common stock. Its earnings history is as follows: Year 1 , net loss of $13,000; Year 2, net income of $120,000; Year 3 , net income of $225,000. 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 $53,500 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? How much is the dividend arrearage as of January 1 , Year 2? Assume that the board of directors declares a $53,500 cash dividend at the end of Year 2 2 preferred dividends are due). How will the dividend be divided between the preferred and