When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $52...

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When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $52 par, 5 percent, cumulative preferred stock and 12,000 shares of $7 par common stock. Its earnings history is as follows: Year 1, net loss of $13,600; Year 2, net income of $55,100; Year 3, net income of $90,400. 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 $35,440 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? Complete this question by entering your answers in the tabs below. Required A Required B How much is the dividend arrearage as of January 1, Year 2? (Do not round your intermediate calculations.) Dividend arrearage < Required A Required B > When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $52 par, 5 percent, cumulative preferred stock and 12,000 shares of $7 par common stock. Its earnings history is as follows: Year 1, net loss of $13,600; Year 2, net income of $55,100; Year 3, net income of $90,400. 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 $35,440 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? Complete this question by entering your answers in the tabs below. Required A Required B How much is the dividend arrearage as of January 1, Year 2? (Do not round your intermediate calculations.) Dividend arrearage < Required A Required B >