When Crossett Corporation was orgonized in January, Year 1 , it immediately issued 4.100 shares of $45 par, 8 percent, cumulative oreferred stock and 9.000 shares of $8 par common stock. its earnings history is as follows: Year 1, net loss of $13.000; Year 2, net ncome of $123,000; Year 3, net income of \$201,000. 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 $55,000 cash dividend ot 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? Complete this question by entering your answers in the tabs below. Assume that the board of directors declares a 555,000 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? When Crossett Corporation was organized in January, Year 1 , it immediately issued 4,100 shares of $45 par, 8 percen preferred stock and 9,000 shares of $8 par common stock. Its earnings history is as follows: Year 1, net loss of $13,00 income of $123,000; Year 3, net income of $201,000. 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 $55,000 cash dividend at the end of Year 2 (remember that the Year preferred dividends are due). How will the dividend be divided between the preferred and common stockholders? Complete this question by entering your answers in the tabs below. How much is the dividend arrearage as of January 1 , Year 2