Check my work 14 05 Problem: Module 3 Textbook Problem 14 Learning Objective: 3-11 Differentiate between common and preferred stock When Crosser Corporation was organized in January, Yeart immediately issued 4.100 shares of $48 par 8 percent cumulative preferred stock and 9,500 shares of $5 par common stock. Its camins history is as follows Year tnet loss of $16.000, Year 2 net income of $122.000 Year 3. net income of $223.000 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 553.000 cash dividend at the end of Year 2 fremember that the Year 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 Required How much is the dividend arroarage as of January 1, Year 2? UN RIUDICITIS Saved 14 0.5 points Print Assume that the board of directors declares a $53,000 cash dividend at the end of Year 2 (remember that the Yea 2 preferred dividends are due). How will the dividend be divided between the preferred and common stockholders Distributed to Shareholders Amount Preferred Common Total dividend declared Year 1 Arrearage Year 2 Preferred dividends Available for common Distributed to common Total distribution