When Crossett Corporation was organized in January, Year 1, it immediately issued 5,200 shares of $48 par, 5 percent, cumulative preferred stock and 9,500 shares of $15 par common stock. Its earnings history is as follows: Year 1, net loss of $15,200; Year 2.net income of $123,000; Year 3. net income of $98,900. The corporation did not pay a dividend in Year 1. Required a. How much is the dividend arrearage as of January 1. Year 2? 0:30:43 Dividend arrearage Book Print b. Assume that the board of directors declares a $42,460 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? erences Total amount distributed to preferred shares Total amount distributed to common shares