When Crossett Corporation was organized in January, Year 1, it immediately issued 5,000 shares of $50 par, 6 percent, cumulative prefered stock and 12,000 shares of $10 par common stock. Its earnings history is as follows: Year 1, net loss of \$14,900; Year 2 net income of $107,000, Year 3 , net income of $81,400. The corporation did not pay a dividend in Year 1 . Required Q. How much is the dividend arrearage as of January 1, Year 2? b. Assume that the board of directors declares a $45,000 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