When Crossett Corporation was organized in January, Year 1, it immediately issued 4,800 shares of $53 par, 6 percent, cumulative preferted stock and 8,500 shares of $15 par common stock. Its earnings history is as follows: Year 1, net loss of $14,200; Year 2 , net incoms of $109,000; Year 3, net income of $105,900. The corporation did not pay a dividend in Year 1 . Required a. How much is the dividend arrearage as of January 1, Year 2 ? b. Assume that the board of directors declares a $42,028 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