When Crossett Corporation was organized in January Year 1, it immediately Issued 4,300 shares of $54 par, 5 percent, cumulative preferred stock and 9,000 shares of $13 par common stock. Its earnings history is as follows: Year 1, net loss of $13,500; Year 2 , net Income of $62,700; Year 3 , net income of $93,900. The corporation did not pay a dividend in Year 1. Requilred a. How much is the dividend arrearage as of January 1 , Year 2? b. Assume that the board of directors declares a $38,720 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