Problem 1. Butler & Co has 7% $50 par value cumulative preferred stock issued and $5 par value comon stock issued. The following is the stockholders equity section of the balance sheet at December 31, 2020: Preferred Stock 8% $100 par val 1,000,000 Additional Paid in Capital PS 850,000 Common Stock, $5 par value 600,000 Additional paid in capital CS 300,000 Retained Earnings 3,200,000 5,950,000 On July 10th, 2021, the board of directors declared a dividend of $360,000 The company is 3 years in arrears on the payment of preferred dividends. Show how the dividend is broken down between the preferred stock and the common