On December $31,2023,$ the shareholders' equity of Finland Corporation shows the following:

Preferred shares$-$$$6,$ no par, $8,000$ shares outstanding...$ $400,000$

Common shares$-$no par, $60,000$ shares outstanding....... $800,000$

Retained earnings........................................................... $240,000$

Total shareholders' equity....................................... $$1,440,000$

Assume that preferred dividends were last paid on December $31,2021,$ and that all the company's retained earnings are to be paid out in dividends on December $31,2023.$

Instructions

If the preferred shares are cumulative and fully participating, how much should each class of shares receive?