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Your balance sheet includes both common stock ($1 par value) and $1,000,000 of 5% cumulative preferred stock. All of the stock was issued at the

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Your balance sheet includes both common stock ($1 par value) and $1,000,000 of 5% cumulative preferred stock. All of the stock was issued at the beginning of 2017. The schedule below shows the history of the Board's declaration of dividends for each of the prior years. Year 2017 Dividends declared $0 $45,000 $90,000 2018 2019 In early 2020, your Board of Directors of declared cash dividends of $ 90,000. What is the amount of dividends common shareholders and preferred shareholders will receive in 2020? (6 points. Please enter your answers in the text box below. Show your work for maximum partial credit and clearly label common and preferred)

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